- Amazon is seeking to exclude a proposal on workers’ rights from their next Annual General Meeting (AGM).
- The proposal was submitted by activist investor platform Tulipshare on behalf of retail investors, and asks Amazon to commission an independent audit of the working conditions that Amazon workers face.
- Shareholders hope to leverage new SEC rules to engage with Amazon and, if successful, it could be the first time a retail investment platform has successfully had their voice on the ballot of an Amazon AGM for the first time.
London, March 2022: Shareholders of Amazon are fighting to end the unsafe working conditions and unfair treatment that Amazon warehouse employees have been subjected to through a workers’ rights targeted shareholder proposal. The proposal, submitted by activist investing platform Tulipshare to be on the ballot of Amazon’s next Annual General Meeting, requests Amazon commission an independent audit of the working conditions and treatment that Amazon warehouse workers face.
While Amazon strives to be the “Earth’s Best Employer” and “Earth’s Safest Place to Work”, a recent report indicated that Amazon warehouse employees suffer serious injuries at a rate which is 80% higher than those who work at non-Amazon warehouses.
In response, Amazon has written to the Securities and Exchange Commission (SEC) requesting that the workers’ rights proposal be excluded from the company’s 2022 proxy statement. Amazon claims that workplace safety concerns and workers’ rights relate to the company’s “ordinary business operations”, and should therefore be excluded from the shareholder vote at the upcoming AGM.
However, the activist shareholders hope to leverage recent changes to the SEC’s new guidance, which came into force on 3 November 2021, to engage with the company. These new rule interpretations state that shareholder proposals raising significant social policy issues may no longer be excluded under the “ordinary business exception”. They will argue that the unsafe working conditions faced by Amazon’s warehouse workers qualifies as a significant social policy that transcends the ordinary business of the company.
If the shareholders are successful, it would be the first time a proposal submitted on behalf of retail investors would make it onto the proxy ballot at Amazon’s AGM. This would be a major win for retail investors who want to have a greater say on how companies operate by using activist investment platforms. Tulipshare is the lead sponsor to submit a proposal on workers rights at Amazon.
Antoine Argouges, Chief Executive and Founder of Tulipshare commented: “There is widespread demand for Amazon to improve the treatment of its workers. In 2020, over 400 legislators from 34 countries signed a letter addressed to Jeff Bezos demanding that Amazon better protect its workers. Despite this, there were no proposals relating to workers’ conditions included at Amazon’s 2021 AGM. In response, thousands of retail investors backed our campaign to ensure this issue is discussed in 2022. We are confident Amazon will listen to shareholders this year and work collaboratively with us to ensure the safety of all workers.”
Your capital is at risk. Tulipshare is an Appointed Representative of RiskSave Technologies, which is authorised and regulated by the Financial Conduct Authority (FRN:775330.)
You can learn more about Tulipshare’s Amazon campaign here.
Tulipshare is an activist investment platform that empowers retail investors to invest their money to promote ethical change. Tulipshare enables retail investors to join activist campaigns to influence the corporate governance of publicly traded companies. While activist investing isn’t new, it can require heavy capital investment and often excludes the retail shareholder – often leaving it up to institutional investors to decide how publicly traded companies conduct their business. Through Tulipshare, individual investors have the potential to have a say in the way public companies are conducting their business in a way that was previously not possible.