Amazon shareholders rejected 15 resolutions submitted by investors in an attempt to influence the company’s impact on the environment and the attitude towards workers.
Shareholders voted Wednesday against all resolutions, most of which focused on workers’ rights and other social issues. The resolutions include calls for the company to report on the health and safety of workers and the treatment of its warehouse workers, as well as a review of Amazon’s use of plastics and changes in the company’s nomination process on board.
The Amazon board has recommended its shareholders vote against all resolutions, arguing in its power of attorney that it has already acted to address the main concerns of many of the proposals. In the past, shareholders have voted on the board’s recommendations. Jeff Bezos, the company’s chief executive, controls 12.7% of the vote.
Although the resolutions are not binding, companies often take some form of action if they receive the support of 30% to 40% of the vote. While activists’ decisions were shut down, investors approved compensation for the executive, board members and a share split.
A proposal from the activist investment group Tulipshare called on Amazon to conduct an independent audit of the wages and working conditions of warehouse workers. Although the vote did not take place, the group plans to resubmit the proposal next year.
“Although we are disappointed that our proposal was not accepted today, this vote was just the beginning in the fight for workers’ rights,” said Antoine Arguge, CEO and founder of Tulipshare, adding that Amazon has not yet revealed the full outcome of vote or by what percentage the proposal was rejected.
“Based on the positive talks we had with the major shareholders this week, we have every reason to believe that our proposal has received strong support,” Arguj said. “Once the results are published, we will look at our ability to continue the fight for better working conditions at Amazon.
The increase in the number of decisions highlights the rise of investment based on environmental, social and corporate governance (ESG), which encourages more shareholders to insist on corporate accountability.
It also reflects changes in securities regulators appointed by Joe Biden, which have made it easier for investors to submit proposals and made it harder for companies to convince regulators that these decisions should not be voted on by shareholders.
The record of 15 resolutions is expected to be surpassed next week when Google’s parent company, Alphabet, faces 17 proposals aimed at social justice on June 1st, research firm Insightia said, the most since it began tracking them. comprehensive in 2014
Reuters contributed to this report
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