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Nike investors reject shareholder proposals on equal pay and human rights

Nike investors reject shareholder proposals on equal pay and human rights
September 12, 2023 – 16:17

One of the resolutions, filed by Massachusetts-based investment adviser Arjuna Capital, called on Nike to provide more data on equal pay for minority and female employees.

Nike investors voted against two shareholder proposals during the sportswear giant’s annual meeting on Tuesday., according to a preliminary count from the company. One of the resolutions, filed by Massachusetts-based investment advisor Arjuna Capital, called on Nike to provide more data on equal pay for minority and female employees.

The second, presented by the activist shareholder platform Tulipshare, asked the company to issue a report on whether its supply chain policies effectively meet equity objectives and Nike’s stated human rights commitments.

It should be noted that both proposals require more than 50% of shareholder votes to win, but Nike is not required to adopt them. The company will announce the final result of the vote in a future filing with the United States Securities and Exchange Commission.

Arjuna’s resolution on pay equity reporting failed for the second time since 2021, despite support from advisory firm Institutional Shareholder Services, which in August recommended investors vote in favor of the proposal. Nike faced growing pressure to achieve greater transparency in its supply chain.

More than a dozen investors are calling on Nike to pay garment workers in Cambodia and Thailand who lost wages after Covid-19 factory closures, according to a September 7 letter to Nike CEO John Donahoe. Nike said it had not sourced products from the Cambodian factory since 2006 and had also found “no evidence” that it owed back wages to workers in Thailand.

Source: Ambito

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