International investor coalition supports workers’ rights proposal at Amazon
Vancouver, Canada, May 14, 2024 – Shareholders of Amazon.com, Inc. (NASDAQ: AMZN) are urging the company to assess whether it has lived up to its own commitments to respect workers’ rights to freedom of association and collective bargaining.
Amazon’s upcoming annual general meeting (AGM) on May 22 comes amid ongoing unionization efforts at the company, including recent applications in the U.S., U.K., and Canada, and media reports alleging intimidation, retaliation and surveillance.
A group of more than 20 global investors led by SHARE, the Shareholder Association for Research and Education, has filed a shareholder proposal urging Amazon’s Board of Directors to assess how the company’s actions align with its policies to respect international human rights law, including the Core Conventions of the International Labour Organization (ILO) and the ILO Declaration on Fundamental Principles and Rights at Work.
Sarah Couturier-Tanoh, Director of Shareholder Advocacy at SHARE and a leading authority on corporate governance, decent work and human rights, says that effective and transparent due diligence is needed to reassure shareholders when repeated allegations of misconduct arise.
“Beyond the ethical imperative to respect human rights, any failure to align workforce practices with internationally recognized human rights norms represents a threat to shareholder long-term value,” said Couturier-Tanoh. “That’s why in the past couple of years we have seen global investors taking stances in favor of better labor relations in an effort to mitigate those risks in their investment portfolio. In the past six months, several companies answered the call, including Starbucks and Apple. We are still waiting for Amazon to follow suit and, frankly, to do even better.”
The list of co-filers on the Amazon proposal includes Denmark-based AkademikerPension and the Council of Ethics of the National Swedish Pension Funds, as well as Nordea Asset Management.
Anders Schelde, CIO of AkademikerPension, said the firm “expect[s] Amazon to respect fundamental labour rights — both in order to protect the workers employed by the company, but also to protect the company itself. Amazon has so far shown unwillingness to do so. “Unfortunately, this approach indicates a lack of consideration of the risks related to labour rights violations — risks that leave the company vulnerable to operational disruptions, litigation, and consumer backlash,” Schelde added. “Neither Amazon nor us, as investors, will benefit from this.”
Jenny Gustafsson, Executive Director of the Council of Ethics, said the Council has been engaging with Amazon on labour rights for years. "Co-filing this proposal is a way for the AP Funds to reinforce that dialogue and to further encourage Amazon to improve its practices and the implementation of its policy commitments,” said Gustafsson.
Eric Pedersen, Head of Responsible Investment at Nordea Asset Management, said “poor corporate management of human and labour rights conflicts with the long-term interest of a company and its shareholders, and in our view represents a substantial risk to the company’s business and thus shareholder value.”
Other co-filers on the proposal include Denmark-based Sampension, Sweden-based Alecta and Öhman Fonder; Norway-based Storebrand Asset Management and KLP Kapitalforvaltning AS; and the U.S.-based SOC Investment Group.
Contacts
Thorben Burbachcometis AG
+49 (0)611 – 205855-23
About SHARE
SHARE is an award-winning non-profit organization dedicated to mobilizing investor leadership for a sustainable, inclusive and productive economy. We do this by supporting our investor networks and amplifying their voices to improve corporate sustainability practices and implement better rules and regulations that govern capital markets. For more information on SHARE, visit www.share.ca
Subscribe to releases from news aktuell GmbH
Subscribe to all the latest releases from news aktuell GmbH by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from news aktuell GmbH
HEIDELBERG develops the AI-controlled print shop of tomorrow4.11.2024 09:00:00 CET | Pressmeddelande
20 years of applied digitalization and 5 years of experience with AI HEIDELBERG has been networking machines and systems in print shops since 2004 13,000 units worldwide are connected to the HEIDELBERG Cloud Three-digit million euro amount for digital processes, products and services
Competition is on for the CIVIS Media Prize 2025: Submissions possible until 12 December 202431.10.2024 10:30:00 CET | Press Release
31.10.2024 – Köln (ots) | The competition for the European CIVIS Media Prize is on. Until 12 December 2024, media professionals from all EU countries and Switzerland can submit entries online on the topics of migration, integration, cultural diversity and related issues of social cohesion. The CIVIS Media Prize honours outstanding achievements in television, radio, internet and social media that promote the peaceful coexistence of people from different geographical and cultural backgrounds. It is endowed with a total of 27,000 euros. Nine CIVIS AWARDS are awarded in various categories. Further information on the CIVIS Media Prize 2025 can be found here. Click here to register. The CIVIS Media Prize is sponsored by ARD, represented by WDR, together with the Freudenberg Foundation. ORF, SRG SSR, ARTE, 3sat, Deutsche Welle, Deutschlandradio and EBU are media partners. WDR mediagroup, the Allianz Deutscher Produzentinnen und Produzenten – Film, TV und Audiovisuelle Medien e.V., the Verwert
eM Client Acquires Postbox Inc., Expanding Its Reach to a Broader User Base23.10.2024 11:08:58 CEST | Pressmeddelande
The acquisition solidifies eM Client’s position as a leading email client provider, bringing its innovative solutions to a growing audience. Prague, October 23, 2024 – eM Client, a leading provider of email client software, announced its acquisition of Postbox Inc., a well-established email application company based in the United States. This acquisition enables eM Client to extend its innovative solutions to an even larger global audience, reinforcing its position as one of the most comprehensive email platforms available. Summary: Who: eM Client has acquired Postbox Inc. What: The acquisition expands eM Client’s reach to a broader user base. When: October 22, 2024. Where: eM Client is based in Prague and serves a global customer base. Why: The acquisition strengthens eM Client’s leadership in the email client industry and brings its powerful tools to more users. eM Client has established itself as a top choice for email users, integrating email, calendars, contacts, tasks, and notes
First participants enrolled in first-in-human Phase I clinical trial with nociceptin (NOP) receptor agonist22.10.2024 13:11:31 CEST | Pressmeddelande
Aachen, Germany, 22 October 2024 – Today, Grünenthal announced that the first participants have been enrolled in a first-in-human Phase I clinical trial for a nociceptin (NOP) receptor agonist. The trial will include 90 healthy volunteers and aims to demonstrate a favourable safety and tolerability profile and to confirm the pharmacokinetic characteristics of the compound after single and multiple ascending doses. The results of the trial are expected in Q3 2025. “Grünenthal pioneered the research into NOP receptor agonists to deliver a unique and transformative first-in-class therapy option to millions of patients suffering from chronic pain,” says Gillian Burgess, Head of Research, Grünenthal. “With a unique mechanism of action for treating chronic pain, these molecules have the potential to deliver robust pain relief combined with an improved safety profile compared to the available standard of care.” Pre-clinical data show that NOP receptor agonists have the potential to act as pot
PIONIERKRAFT raises a high seven-figure amount in Series A financing round from climate tech investor First Imagine!21.10.2024 16:15:31 CEST | Press Release
Munich, 21 October 2024 Munich-based energy start-up PIONIERKRAFT has raised a high seven-figure amount in its Series A financing round, led by First Imagine!, a European venture capital firm focused on innovative solutions for a sustainable future. With this investment, PIONIERKRAFT will expand its energy-sharing solution for apartment buildings. "When we founded PIONIERKRAFT in 2019, we saw an opportunity to build a foundation for the energy transition in small and medium-sized apartment buildings," says Andreas Eberhardt, CEO of PIONIERKRAFT. "This funding will help us scale our network of partners and ramp up mass production of our energy-sharing solution." First Imagine! recognizes PIONIERKRAFT's growth potential and aims to accelerate the renewable energy transition. "Partnering with PIONIERKRAFT allows us to address the large sector of multi-tenant buildings in Germany that has been excluded from rooftop solar installations," says Alexander Starchenko, Managing Partner of First
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom