On February 25, 2025, Inspire Investing and our coalition partners made history at Apple’s annual shareholder meeting, challenging the world's largest company by market capitalization on its corporate policies and transparency. The annual meeting was dominated by non-ESG players—faith-based and “ESG-skeptic” investors who are holding corporate giants accountable to their shareholders rather than ideological agendas.
Inspire Investing, alongside partners such as the Alliance Defending Freedom (ADF), the National Center for Public Policy Research (NCPPR), Bowyer Research, and the American Family Association, presented four key shareholder resolutions calling for greater transparency and ethical corporate practices at Apple. No other shareholder proposals were included in the company’s annual proxy statement.
Proposal for a Report on Charitable Giving – Inspire Investing requested that Apple annually disclose how its corporate contributions impact risks related to discrimination against individuals based on speech or religious exercise.
Report on Costs and Benefits of Child Sex Abuse Material‑Identifying Software & User Privacy - The American Family Association (represented by Bowyer Research) urged Apple to report on the costs and benefits of the company’s decisions regarding its use of child sex abuse material (CSAM) identifying software.
Proposal to Eliminate Diversity, Equity, and Inclusion (DEI) Programs – The National Center for Public Policy Research (NCPPR) proposed discontinuing Apple’s DEI initiatives due to potential legal risks stemming from recent U.S. Supreme Court decisions.
Proposal for a Report on Ethical AI Practices – The National Legal and Policy Center (NLPC) called on Apple to report on how it ensures ethical practices in artificial intelligence (AI), particularly regarding its partnership with OpenAI and potential privacy/security issues.
At the annual meeting, Tim Schwarzenberger, Portfolio Manager and Director of Corporate Engagement at Inspire Investing, presented Inspire’s proposal on charitable contributions. His remarks challenged Apple’s corporate giving policies, highlighting their exclusion of faith-based organizations:
“The Board claims that it gives corporate donations for ‘some of the most urgent issues facing our communities today, independent of political or religious affiliations.’ But Apple intentionally excludes religious organizations and so-called ‘hate groups’ from its corporate giving and employee match programs, all while supporting organizations that undermine free speech and religious liberty. Apple is even a Platinum sponsor of the Human Rights Campaign, which pressures companies to do things like provide puberty blockers to minors on their healthcare plans. This behavior shows Apple is not operating in a neutral manner.”
Unsurprisingly, the four resolutions were not approved by shareholders. Apple’s management recommended shareholders vote against the proposals and even petitioned the SEC to get the resolution on Child Sex Abuse Material removed from the ballot. However, that effort was unsuccessful and that resolution, as well as the one on the ethical usage of AI, passed the threshold needed to allow those proposals to appear on the ballot next year. These outcomes represent some of the strongest vote tallies our coalition has received. Regarding the resolution on DEI, Apple CEO Tim Cook did warn that the legal landscape around DEI may force Apple to make changes. President Trump even chimed in after the meeting saying "Apple should get rid of DEI rules, not just make adjustments to them. DEI was a hoax that has been very bad for our country. DEI is gone!!!" (Truth Details | Truth Social)
Following the shareholder meeting, Alliance Defending Freedom (ADF) hosted a press conference where Inspire Investing CEO, Robert Netzly, Bowyer Research President, Jerry Bowyer, and ADF’s Senior Counsel and SVP of Corporate Engagement, Jeremy Tedesco, addressed the media.
Robert Netzly emphasized the importance of shareholder transparency:
“It’s not too much for shareholders to request transparency on how the companies we own are spending our money. We want Apple to use that money to create excellence in the goods and services the company provides—not to fund groups that undermine our freedoms and advocate for radical policies that oppose the biblical values we hold so dear.”
Jeremy Tedesco made it clear that the era of unchecked corporate activism is over:
“Americans are done watching activists weaponize the companies we own to attack our freedom and companies’ success. We are setting the agenda for corporate America, and that starts with Apple. Publicly traded companies like Apple do not belong to executives or boards of directors. And they certainly do not answer to activists with interest in the company. These companies belong to shareholders who entrust the long-term health of their financial future to corporate leaders.”
Jerry Bowyer raised serious concerns about Apple’s handling of child exploitation:
“No shareholder ever wants to see their company described as the ‘greatest platform for distributing child porn.’ Yet that’s exactly how one of Apple’s top executives describes the company’s relationship with online child exploitation. Apple may have an honest and intelligible rationale for not deploying child sexual abuse material (CSAM) detection protocols—but shareholders deserve to know what that rationale actually is.”
Inspire Investing and our coalition partners are leading a movement that demands corporate giants operate with transparency, neutrality, and accountability. This is not just about Apple—it’s about setting a new precedent for corporate America where shareholder interests take priority over ideological activism.
We are grateful to all our investors and supporters who continue to stand with us in this fight. But we need more voices, more shareholders, and more action to make a lasting impact.
🔹 Are you an investor who believes corporations should be held accountable?
🔹 Do you want your investments to align with your faith and values?
🔹 Are you ready to take a stand against corporate activism and demand transparency?
Now is the time to take action. Join us in reshaping corporate America. Stay informed, vote your shares, and invest in a manner that glorifies God. Together, we can ensure that companies like Apple operate with integrity and accountability.
As we continue pressing for change, we ask for God’s wisdom and guidance in our efforts. Lord, we pray that Apple will reconsider its policies, respect its shareholders, and lead corporate America toward a future of integrity, neutrality, and accountability. May this work bring glory to You and serve the greater good. In Jesus’ mighty name we pray, Amen.
Tim Schwarzenberger, CFA is a Portfolio Manager with Inspire Investing and has over 20 years of industry experience. He previously served as Managing Director at Christian Brothers Investment Services (CBIS), where he was an integral member of the Investment Team responsible for implementing the firm’s strategy development, portfolio construction, and Catholic investing initiatives.
On February 25, 2025, Inspire Investing and our coalition partners made history at Apple’s annual shareholder meeting, challenging the world's largest company by market capitalization on its corporate policies and transparency. The annual meeting was dominated by non-ESG players—faith-based and “ESG-skeptic” investors who are holding corporate giants accountable to their shareholders rather than ideological agendas.
Inspire Investing, alongside partners such as the Alliance Defending Freedom (ADF), the National Center for Public Policy Research (NCPPR), Bowyer Research, and the American Family Association, presented four key shareholder resolutions calling for greater transparency and ethical corporate practices at Apple. No other shareholder proposals were included in the company’s annual proxy statement.
Proposal for a Report on Charitable Giving – Inspire Investing requested that Apple annually disclose how its corporate contributions impact risks related to discrimination against individuals based on speech or religious exercise.
Report on Costs and Benefits of Child Sex Abuse Material‑Identifying Software & User Privacy - The American Family Association (represented by Bowyer Research) urged Apple to report on the costs and benefits of the company’s decisions regarding its use of child sex abuse material (CSAM) identifying software.
Proposal to Eliminate Diversity, Equity, and Inclusion (DEI) Programs – The National Center for Public Policy Research (NCPPR) proposed discontinuing Apple’s DEI initiatives due to potential legal risks stemming from recent U.S. Supreme Court decisions.
Proposal for a Report on Ethical AI Practices – The National Legal and Policy Center (NLPC) called on Apple to report on how it ensures ethical practices in artificial intelligence (AI), particularly regarding its partnership with OpenAI and potential privacy/security issues.
At the annual meeting, Tim Schwarzenberger, Portfolio Manager and Director of Corporate Engagement at Inspire Investing, presented Inspire’s proposal on charitable contributions. His remarks challenged Apple’s corporate giving policies, highlighting their exclusion of faith-based organizations:
“The Board claims that it gives corporate donations for ‘some of the most urgent issues facing our communities today, independent of political or religious affiliations.’ But Apple intentionally excludes religious organizations and so-called ‘hate groups’ from its corporate giving and employee match programs, all while supporting organizations that undermine free speech and religious liberty. Apple is even a Platinum sponsor of the Human Rights Campaign, which pressures companies to do things like provide puberty blockers to minors on their healthcare plans. This behavior shows Apple is not operating in a neutral manner.”
Unsurprisingly, the four resolutions were not approved by shareholders. Apple’s management recommended shareholders vote against the proposals and even petitioned the SEC to get the resolution on Child Sex Abuse Material removed from the ballot. However, that effort was unsuccessful and that resolution, as well as the one on the ethical usage of AI, passed the threshold needed to allow those proposals to appear on the ballot next year. These outcomes represent some of the strongest vote tallies our coalition has received. Regarding the resolution on DEI, Apple CEO Tim Cook did warn that the legal landscape around DEI may force Apple to make changes. President Trump even chimed in after the meeting saying "Apple should get rid of DEI rules, not just make adjustments to them. DEI was a hoax that has been very bad for our country. DEI is gone!!!" (Truth Details | Truth Social)
Following the shareholder meeting, Alliance Defending Freedom (ADF) hosted a press conference where Inspire Investing CEO, Robert Netzly, Bowyer Research President, Jerry Bowyer, and ADF’s Senior Counsel and SVP of Corporate Engagement, Jeremy Tedesco, addressed the media.
Robert Netzly emphasized the importance of shareholder transparency:
“It’s not too much for shareholders to request transparency on how the companies we own are spending our money. We want Apple to use that money to create excellence in the goods and services the company provides—not to fund groups that undermine our freedoms and advocate for radical policies that oppose the biblical values we hold so dear.”
Jeremy Tedesco made it clear that the era of unchecked corporate activism is over:
“Americans are done watching activists weaponize the companies we own to attack our freedom and companies’ success. We are setting the agenda for corporate America, and that starts with Apple. Publicly traded companies like Apple do not belong to executives or boards of directors. And they certainly do not answer to activists with interest in the company. These companies belong to shareholders who entrust the long-term health of their financial future to corporate leaders.”
Jerry Bowyer raised serious concerns about Apple’s handling of child exploitation:
“No shareholder ever wants to see their company described as the ‘greatest platform for distributing child porn.’ Yet that’s exactly how one of Apple’s top executives describes the company’s relationship with online child exploitation. Apple may have an honest and intelligible rationale for not deploying child sexual abuse material (CSAM) detection protocols—but shareholders deserve to know what that rationale actually is.”
Inspire Investing and our coalition partners are leading a movement that demands corporate giants operate with transparency, neutrality, and accountability. This is not just about Apple—it’s about setting a new precedent for corporate America where shareholder interests take priority over ideological activism.
We are grateful to all our investors and supporters who continue to stand with us in this fight. But we need more voices, more shareholders, and more action to make a lasting impact.
🔹 Are you an investor who believes corporations should be held accountable?
🔹 Do you want your investments to align with your faith and values?
🔹 Are you ready to take a stand against corporate activism and demand transparency?
Now is the time to take action. Join us in reshaping corporate America. Stay informed, vote your shares, and invest in a manner that glorifies God. Together, we can ensure that companies like Apple operate with integrity and accountability.
As we continue pressing for change, we ask for God’s wisdom and guidance in our efforts. Lord, we pray that Apple will reconsider its policies, respect its shareholders, and lead corporate America toward a future of integrity, neutrality, and accountability. May this work bring glory to You and serve the greater good. In Jesus’ mighty name we pray, Amen.
