Amazon.com Inc AMZN shareholders look to challenge its executive pay, tax transparency, working conditions, and unionization as CEO Andy Jassy faces his first annual meeting, the Financial Times reports.
Amazon has opposed all 15 shareholder proposals, the most it has faced since 2010. It is noteworthy that the founder and former CEO Jeff Bezos controls 12.7% of the overall vote.
Yet, the strength of opposition could force the company to alter its policies and practices, as Big Tech companies are increasingly vulnerable to investors who want them to become more responsive to public controversies.
The AGM is a huge leadership challenge for CEO Jassy, that has grown since the start of the year as Amazon's stock price has fallen by 40% amid the broad tech sell-off, but also off the back of mounting costs for Amazon's retail arm.
The Amazon Labor Union leader Chris Smalls will call Amazon to issue a report detailing its "freedom of association" policies and collective bargaining.
Influential investor advisory groups Institutional Shareholder Services (ISS) and Glass Lewis backed a proposal for a racial equality audit and independent audit on working conditions at Amazon facilities that Norwegian pension fund Norges Bank agreed to support.
Norges Bank has given similar backing to a call for more transparent tax reporting supported by Glass Lewis and Morningstar Sustainalytics.
Price Action: AMZN shares traded lower by 1.64% at $2,115.91 premarket on the last check Tuesday.
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