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Amazon Braces For Compensation Criticism at Annual Meeting - Slashdot
source link: https://tech.slashdot.org/story/23/05/22/167223/amazon-braces-for-compensation-criticism-at-annual-meeting
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Amazon will face a record 18 shareholder resolutions at its annual meeting this week, with outside groups urging the company to disclose more about its treatment of employees and more closely tie executive compensation to performance. From a report: Major shareholder advisory firms recommend investors approve calls for assessments of Amazon employees' working conditions and freedom to organize, as well as the risks posed by the company's sales of surveillance products. Between them, Institutional Shareholder Services and Glass Lewis are urging investors to support five resolutions brought by outside shareholders.
The two firms say shareholders should block the re-election of director Judith McGrath, chair of the board's leadership and compensation committee, and recommends a no vote on a symbolic measure to ratify Amazon's executive pay. The company's annual meeting of shareholders, held virtually since the beginning of the pandemic, is scheduled for Wednesday. The shareholder resolutions and say-on-pay votes are nonbinding. Investors delivered a rebuke to Amazon in 2022 over its pay practices, only narrowly approving salaries amid concerns about big stock grants awarded to top executives regardless of how well the company performed in subsequent years. The board conducted outreach with major investors following that vote but didn't adjust its plans, which Glass Lewis called "significantly concerning."
The two firms say shareholders should block the re-election of director Judith McGrath, chair of the board's leadership and compensation committee, and recommends a no vote on a symbolic measure to ratify Amazon's executive pay. The company's annual meeting of shareholders, held virtually since the beginning of the pandemic, is scheduled for Wednesday. The shareholder resolutions and say-on-pay votes are nonbinding. Investors delivered a rebuke to Amazon in 2022 over its pay practices, only narrowly approving salaries amid concerns about big stock grants awarded to top executives regardless of how well the company performed in subsequent years. The board conducted outreach with major investors following that vote but didn't adjust its plans, which Glass Lewis called "significantly concerning."
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