Funds including BCI, CalSTRS, CalPERS, CPPIB and IMCO supported a shareholder proposal submitted by SHARE on freedom of association and collective bargaining at the Amazon shareholders ’meeting
TARONTA, May 30, 2022 / PRNewswire / – More than 47% of independent shareholders voted for the offer submitted by SHARE and the Catherine Donnelly Foundation to Amazon’s May 25 annual meeting. The proposal calls on Amazon’s board of directors to reconsider the extent to which the company’s actions in its union efforts are in line with its stated commitment to freedom of association and collective bargaining and the core conventions of the International Labor Organization.
A shareholder proposal submitted by SHARE on freedom of association received a historic 47% of the independent vote on Amazon AGM.
Angelica Maldanadaleader with Staten Island, New York The Amazon Labor Union issued a resolution on behalf of SHARE. Maldonada did not warn: “Amazon’s management has spent millions of dollars on anti-union advisers, and all this has had the opposite effect,” she said. “What a waste of time and money.”
“This vote is historic,” he said Anthony Shane, director of shareholder advocacy at SHARE. “Amazon’s human capital management practices are notorious, and the company’s intervention in freedom of association is well documented. We have never seen such a strong vote for the direct workforce practices of a North American company.” Moldonado refers to leading brands, each of which is obliged to respect the fundamental rights of the association, including UPS, Kaiser, Kroger and General Motors.
The list of owners and asset managers who voted in favor of the proposal is included extensive. Heavyweight pension funds CalPERS, CalSTRS, New York City Pension and Florida, Wisconsin foundations, Texas Teachers all supported the proposal, as well as some of Canada’s largest foundations, including CPPIB, AIMCO, IMCO and BCI. Asset managers who expressed support included Schroders and Legal & General Investment Management (LGIM). Leading proxy advisors to the Institutional Shareholders Service (ISS) and Glass Lewis also expressed support for the proposal, despite opposition from management.
“This is a great victory for workers and investors who recognize that good human capital management practices are critical to the success of companies. As one of the world’s largest employers, Amazon has the power to influence labor rights around the world,” he said. Sarah Couturier-Tano, manager of corporate interaction and shareholder advocacy at SHARE. “Amazon can no longer ignore its problem with unions, as workers, investors and regulators expect the board and management to demonstrate a genuine intention to respect workers’ rights, including freedom of association and collective bargaining in all activities.”
In recent years, Amazon has been exposed to a barrage of negative media coverage in the US and internationally. The company has been accused of restricting fundamental rights through the use of intimidation strategies, retaliation and surveillance systems. This practice directly contradicts Amazon’s own commitment to “non-discrimination and retribution, which guarantees equal treatment of union and non-union employees.”
A similar proposal was submitted by SHARE to Tesla Inc, for which the company will vote August 4 AGM. Tesla is a leader in the production of electric vehicles – and faces accusations of discrimination and harassment in its work practices.
SHARE is a leader in responsible investment services, research and education for institutional investors, providing shareholder engagement, advisory services, education and timely research that help investors integrate environmental, social and governance issues into the investment management process.
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SOURCE SHARE (Shareholders Research and Education Association)