Amazon investor’s proposal to overhaul plastic use narrowly fails

By on May 29, 2022 0

Amazon.com Inc.’s investor-led proposal to overhaul its use of plastic won 49% support even as shareholders rejected all 15 resolutions at the e-commerce giant’s annual general meeting , according to a regulatory filing released Friday.

This is the only proposal that came close to the 51% approval mark. Investors opposed resolutions that challenged company policies on a variety of issues, including the treatment of workers and the use of nondisclosure agreements.

Granted, about 13% of the company’s voting stock is controlled by founder and executive chairman Jeff Bezos, raising the bar for any effort to win majority investor support.

A proposal for a report on whether Amazon’s cloud, surveillance and other capabilities contribute to human rights abuses won 40% support. But an overwhelming 87% rejected a proposal calling on Amazon to review worker safety.

Only 39% of votes were in favor of a resolution relating to organizing workers, but 47% backed a report on whether Amazon’s lobbying activities were in line with shareholders’ best interests.

A decision to overhaul Amazon’s facial recognition technology got 41% upvotes, while a report for details on gender and racial pay managed to garner support from just 29% of shareholders.

Resolutions aren’t binding, but companies often take some form of action if they receive support from 30% to 40% of the votes cast.

Separately, investors backed the company’s proposal to approve executive compensation, elect director nominees and consider a stock split with significant margin.