Apple yesterday scheduled its annual general meeting for February and released the proxy statement publishedThis confirms antitrust risks for the first time.
As part of yesterday's SEC filing for Apple's annual meeting, the so-called proxy statement was also provided. This is a document provided to shareholders and contains background information about the company. This year, the statement confirmed for the first time that the company is dealing with antitrust risks. As reported by CNBC determined, this is the first time the document highlights how antitrust issues have become a risk for Apple as the company is investigated for monopoly practices.
Antitrust risks: topic is constantly discussed internally
Although Apple does not have the same concerns as Facebook or Google, Apple CEO Tim Cook was required to testify before the House Judiciary Committee last year as part of an investigation into anti-competitive behavior related to the App Store. Apple's most recent annual reports confirm that the company's board has continually discussed "Apple's potential antitrust risks."
The Audit Committee and the Board of Directors regularly review and discuss Apple's antitrust risks with management. Apple's Antitrust Compliance Officer is responsible for developing, reviewing and executing Apple's antitrust compliance program and regularly reports to the Audit Committee. These reports address, among other things, the program's alignment with Apple's potential antitrust risks and the effectiveness of the program's design in detecting and preventing antitrust issues and promoting compliance with laws and Apple policies.
Apple vs. Epic Games: Cook & Federighi must testify in court
In a recent case, Epic Games is suing Apple after the company banned the popular game Fortnite from the App Store for circumventing Apple's in-app purchasing system. While the legal battle between the two companies is just beginning, both Tim Cook and Craig Federighi - Apple's senior vice president of software engineering - will have to testify in court as part of Epic Games' litigation. Those interested in Apple's proxy statement can read the entire document here. (Photo by bigtunaonline / Bigstockphoto)
