Amazon receives 49% support for reviewing the use of plastic proposal

Key Highlights:

• Amazon shared an investor-led proposal for review for the use of plastic which won 49% of support.
• Amazon cloud, surveillance, and other capabilities that contributed to human rights violations were voted with 40% support.
• The company received 41% votes in favor of Amazon’s facial recognition technology.

Recently, Amazon shared an investor-led proposal for review for the use of plastic which won 49% of support even as shareholders voted down all the 15 resolutions at the e-commerce giant’s annual general meeting.

This is the only proposal that came close to the 51% mark for approval. The investors opposed the resolutions which challenged Amazon’s policies on various issues that included the treatment of workers and the use of non-disclosure agreements.

Around 13% of Amazon’s voting stock is controlled by Jeff Bezos, the Founder, and Executive Chairman, which raised the bar for any effort to win a majority of the investor support.

Vote distribution for Amazon’s proposal

During the investor-led proposal, Amazon cloud, surveillance, and other capabilities that contributed to human rights violations were voted with 40% support. However, there was 87% for voting down the proposal calling for Amazon to review worker safety.

Amazon received only 39% votes in favor of the resolution related to the unionization of workers but it was backed by 47% voting whether Amazon’s lobbying activities that were consistent with the best interest of shareholders.

The company received 41% votes in favor of Amazon’s facial recognition technology. Also, the proposal for more details on gender and racial pay managed to earn 29% votes in favor of the shareholders.

Amazon Decision on the proposal

Often the resolutions are non-binding but the companies take some form of action if the proposals are backed by 30%-40% of approval votes. The investors separately backed the company’s proposal for approving executive compensation and electing director nominees considering a stock split by a big margin.

For more on Retail news follow us.