Amazon.com Inc (NASDAQ:AMZN) founder Jeff Bezos was key to blocking three shareholder proposals, including for the online retailer to look at improving working conditions of warehouse staff and reducing its use of plastic packaging.
New filings from Amazon’s annual general meeting have revealed how Bezos was able to block the 15 proposals and have been highlighted by British activist investing platform Tulipshare.
The British startup was behind a proposal to review working conditions of warehouse staff, which the filings show received 44% of shareholders votes in favour.
With former chief executive officer Bezos owning 9.8% of shares in the company, Tulipshare said without his vote the proposal would have passed with a majority.
Following reports of high injury and employee turnover rates at the company, the proposal had been backed by asset managers Schroders and Legal & General, with institutional shareholder advisory firms Glass Lewis and ISS also recommending their clients vote in favour of the proposal.
Amazon had tried to exclude the resolution from the AGM votes but US financial regulator, the Securities Exchange Commission, rejected Amazon’s request.
The other proposals would have passed without Bezos’ vote, according to Tulipshare, including a resolution asking for more disclosure on Amazon’s lobbying of government officials, and a report on how the company could cut its packaging material.
“At Amazon’s AGM one of the richest men on the planet blocked a proposal that would have made working conditions for thousands of Amazon employees safer," said Tulipshare CEO and founder Antoine Argouges.
“Amazon shareholders did choose the side of progress, siding with our community of individual investors.
“Without Bezos’ personal vote, our proposal would have passed with a majority of 53%. It means that this fight is far from over. With such support for change, Amazon will face a continuous battle with shareholders on this issue until we win.”
Constance Ricketts, head of shareholder activism at Tulipshare, commented: “Despite the company’s attempts to exclude our proposal, the SEC sided with us, which will mean that more and more proposals like this one will be put to a vote in future. We look forward to continuing our work to ensure Amazon becomes the best company both for investors and for consumers, living up to its goal of becoming the ‘Earth’s best employer’.”