Amazon Shareholders File Social Impact Resolutions

One resolution calls for Amazon to examine its impact on civil rights, Bloomberg reports.
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Several Amazon.com  (AMZN) - Get Report shareholders filed social-impact resolutions Thursday as part of proxy season, Bloomberg reported.

Every year around this time, shareholders submit resolutions, which are generally rejected.

This year, one shareholder wants Amazon to examine its effect on civil rights, according to Bloomberg. Two others urged Amazon to put one of its hourly employees on the board of directors.

Other shareholders introduced resolutions requesting reports on Amazon’s actions to eradicate hate speech, its use of plastic packaging and the possible misuse of its facial-recognition products.

The civil rights resolution came from the New York State Common Retirement Fund.

“In May 2020, Amazon tweeted its solidarity with the fight against systemic racism,” the resolution read. “But some of Amazon’s actions have been criticized as inconsistent with that pledge.”

For example, “Amazon’s disproportionately Black and Latino warehouse workers are paid low wages and exposed to dangerous working conditions, including exposure to Covid-19,” the resolution said. “Amazon’s fulfillment and distribution facilities, and the air pollution they cause, are disproportionately located in non-white neighborhoods.”

Oxfam America was one of those suggesting that an hourly worker serve on the board. “New research suggests that employee representation grows the value of a company in several ways,” its resolution read. “According to the National Bureau of Economic Research, giving workers formal control rights raises capital formation and increases female representation. In Germany, the ‘co-determination’ model of shared governance has been lauded as a check against short-termist capital allocation practices.”

Amazon recently traded at $3,200, down 1.09%, but has soared 73% year to date.

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