Amazon sets record for shareholder proposals
April 18, 2023
Amazon shareholder proposals have hit a record number for the second consecutive year as ESG investors demand greater transparency.
The e-commerce giant’s proxy statement revealed shareholders have submitted 18 proposals for 2023, beating last year’s record of 15.
Most of this year’s proposals seek to introduce additional assessments and reports to improve Amazon’s transparency of ESG-related issues.
Shareholders have requested an independent, third-party report to ensure Amazon’s technologies with surveillance or computer vision do not contribute to human rights violations.
Another proposal suggests a report disclosing how the company is addressing its climate change strategy on relevant stakeholders, including employees and workers in supply chains.
Amazon has also been urged to report on median pay gaps across race and genders, as well as a cost/benefit analysis of the company’s diversity, equity, and inclusion programs.
In the proxy statement, shareholders said: “As one of the largest private employers in the world, with extensive logistical operations, Amazon has a key role in supporting social fairness as the world attempts to decarbonize.”
Activist investor Tulipshare has forced another vote this year to request Amazon conducts an independent report on its warehouse safety.
This comes after inspections by the Occupational Safety and Health Administration found that six Amazon warehouses were failing to keep workers safe.
Shareholders will vote on the proposals during the company’s annual meeting of shareholders, which will take place on May 24.
Shareholders need at least 53% of votes, but the results are non-binding and Amazon’s board has recommended voting against all shareholder resolutions.
Last year, all 15 shareholder proposals were rejected by investors’ votes.
Amazon is the latest company to face shareholder pressure to address sustainability and climate change-related issues.
In April, a trio of shareholder groups claimed the climate change policies of Japan’s three largest banks “lack credibility.”
Earlier in April, Santos Ltd faced shareholder criticism regarding its climate ambitions and executive remuneration ahead of its 2023 AGM.
Last Updated: 18 April 2023