Amazon investor proposal to review plastic use narrowly fails to clear

Reuters
US Updated: May 28, 2022, 02:44 PM(IST)

To be sure, 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 a majority of investor support. Photograph:( Reuters )

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It was the only proposal that came close to reaching the 51% mark for approval. Investors opposed resolutions that challenged the company's policies on various issues, including the treatment of workers and use of non-disclosure agreements.

Amazon.com Inc's investor-led proposal to review its use of plastic won 49 per cent support even as shareholders voted down all the 15 resolutions at the e-commerce giant's annual general meeting, a regulatory filing showed on Friday.

It was the only proposal that came close to reaching the 51% mark for approval. Investors opposed resolutions that challenged the company's policies on various issues, including the treatment of workers and use of non-disclosure agreements.

To be sure, 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 a majority of investor support.

Also read | Twitteratis can't keep calm as Amazon sells plastic bucket for $335

The proposal for a report on whether Amazon cloud, surveillance and other capabilities contribute to human rights violation won 40% support. But an overwhelming 87 per cent voted down a proposal calling Amazon to review worker safety.

Only 39 per cent of votes were in favor of a resolution related to unionisation of workers, but 47 per cent backed a report on whether Amazon's lobbying activities were consistent with the best interest of the shareholders.

Also read | Scientists discover new enzyme that can chomp off plastic in record 16 hours

A move to review Amazon's facial recognition technology got 41 per cent votes in favor, while a report for more details on gender and racial pay managed to get support from just 29% of the shareholders.

The resolutions are non-binding, but companies often take some form of action if they receive backing of 30 to 40 per cent of votes cast.

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