Apple amended its board’s Audit and Finance Committee charter to...
Apple amended its board’s Audit and Finance Committee charter to include taking responsibility for the company’s potential privacy and data security risks, the global media nongovernmental organization Open MIC said Sunday (http://xrl.us/boasxc). The amended charter now requires the committee to…
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maintain oversight of the “legal and regulatory, and reputational risks” of privacy and data security issues, as well as work with management to review Apple’s “privacy and data security risk exposures; the potential impact of those exposures on the Corporation’s business, operations and reputation; the steps management has taken to monitor and mitigate such exposures; the Corporation’s information governance policies and programs; and major legislative and regulatory developments that could materially impact the Corporation’s privacy and data security risk exposure” (http://xrl.us/boasv3). Open MIC had worked with Apple shareholders Trillium Asset Management and Zevin Asset Management to draft a shareholder proposal to address the issue at Apple’s annual meeting in late February (http://xrl.us/boaswf). The shareholders withdrew it after speaking with Apple management, Open MIC said.