Amazon shareholders reject 15 proposals on labor rights and the environment | Amazon
Amazon shareholders have rejected 15 decisions submitted by investors in an effort to affect the company’s environmental impact and the treatment of workers.
Shareholders on Wednesday voted against all decisions, most of which focused on workers’ rights and other social issues. Resolutions included calls for the company to report on worker health and safety and the treatment of its warehouse workers, a review of Amazon’s use of plastics and changes to the company’s process for board nominations.
Amazon’s board recommended that its shareholders vote against all decisions, arguing in its proxy statement that it had already acted to address the underlying concerns of many of the proposals. Historically, shareholders have voted with the board’s recommendations. Jeff Bezos, the company’s CEO, controls 12.7% of the total vote.
While decisions are not binding, companies often take some form of action if they receive 30% to 40% of the vote. While activist decisions were closed, investors agreed to compensate executives and board members and a stock split.
A proposal from activist investor group Tulipshare Amazon called for an independent audit of warehouse workers’ wages and working conditions. Although the vote did not pass, the group plans to resubmit the proposal next year.
“While we are disappointed that our proposal did not pass today, this vote was just the beginning of the fight for workers’ rights,” said Antoine Argog, CEO and founder of Tulipshare, adding that Amazon has yet to reveal the full result of the vote, or in what percentage it was rejected. Suggestion.
“Based on the positive conversations we had with major shareholders this week, we have every reason to believe that our proposal has received strong support,” Argogus said. “Once the results are published, we will consider our options to continue the fight to improve business conditions at Amazon.”
The increase in the number of decisions underscores the rise of ESG-based investing, motivating more shareholders to push for corporate accountability.
It also reflects changes under Joe Biden’s appointed stock regulators that made it easier for investors to make proposals and harder for companies to convince regulators that these decisions shouldn’t go to a shareholder vote.
The record 15 decisions are already expected to be surpassed next week, when Google’s parent company Alphabet faces 17 social justice proposals on June 1, according to research firm Insightia, the most since it began tracking them comprehensively in 2014. .
Reuters contributed to this report