Amazon shareholders vote down all climate, AI and leadership proposals at annual meeting
Amazon shareholders vote down all climate, AI and leadership proposals at annual meeting
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Ever order 70,000 Dum-Dums off Amazon? This Kentucky boy did.
Liam LaFavers spent $4,200 on 30 cases of Dum-Dums ordered from Amazon. His mom did this next.
Amazon.com AMZN.O investors at its annual meeting again rejected all outside shareholder resolutions, including three meant to address the online retail giant's impact on climate change.
Voters approved the reelection of 12 directors and proposed executive compensation.
Shareholders put forth eight proposals, all of which Amazon encouraged investors to vote against. Last year, there were 14 resolutions and all failed to get sufficient votes to be enacted.
Among the eight this year were a proposal that would have required additional reporting on Amazon's overall carbon emissions, another targeting the climate impact of data centers and one calling for further disclosure about packaging materials, particularly plastic.
Amazon said its existing disclosures are sufficient and that it is working towards reducing its environmental impacts.
In case you missed it: Amazon Prime turns 20, sets records in US deliveries and cost savings
Two other proposals aimed at the development of artificial intelligence software were also rejected.
One resolution would have had Amazon assess its board structure to consider how it might develop AI more responsibly, while the other would have required a report on data usage and collection around AI.
Seattle-based Amazon asserted that it is a leader in responsible AI development, and so no changes are needed.
Shareholders had also proposed that Amazon create a policy ensuring the separation of its CEO and board chair roles. The company already separates the two roles between CEO Andy Jassy and founder Jeff Bezos, but not as a mandatory policy. As CEO until 2021, Bezos had also held the chairmanship.
Shareholders voted against a resolution that would have required the company to create a report on risks presented by advertising, in an effort to keep it politically neutral. Also rejected was a proposal soliciting a report on warehouse working conditions, a perennial source of criticism of the company.
Jassy, during a question-and-answer session, said tariffs imposed on many imported goods by the Trump administration had not impacted sales.
"We also haven't yet seen any meaningful average selling price increases," he said. "When you have two million sellers, they're not all going to take the same action," he said, noting that some had increased prices while others kept prices static.
Amazon will later provide a full tally of the investor vote in a securities filing. Shares were down less than 1% on Wednesday to $203.20.
Reporting by Greg Bensinger in San Francisco; Editing by Chris Reese, Joe Bavier and Bill Berkrot
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