Apple Shares Hit New Record

... while the company finally pledges to open its factory doors to labour auditors.

Using superlatives to describe Apple's cash-generating abilities has grown a little stale, but nevertheless, the company's shares eclipsed the $500 mark today, the highest they've ever been. That new record was prompted by a report that gave Apple the highest-ever marks for public opinion on its corporate brand, surpassing last year's winner, Google. As such, it's probably good timing for another major announcement from Apple today saying that the company will now allow labour inspectors into its factories in Shenzen, China, to make sure that it doesn't employ children. Last month, an audit found that there were a number of children employed by Foxconn Technology Group, the Chinese company that owns the factories that make your iPods, iPads, and iPhones. Via the Financial Post at the time:

The audit found a number of violations, among them breaches in pay, benefits and environmental practices in plants in China, which figured prominently throughout the 500-page report Apple issued. Other violations found in the audit included dumping wastewater onto a neighbouring farm, using machines without safeguards, testing workers for pregnancy and falsifying pay records.

Those kid-employing, environment-harming practices might make Newt Gingrich happy, but probably not the hordes of iPhone-sporting youngish types who put Steve Jobs on a pedestal next to Gandhi and Bono or whoever. Given all those niggling violations, Apple took it upon itself to open its factories – not just those run by Foxconn, but also those managed by Quanta and the awesomely named Pegatron – to the Fair Labour Association, an independent group that's dedicated to ending sweatshop-like practices around the world. Results of the FLA's audits should be made available starting in March.