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Nike investors seek changes on climate, labor and gender equity policies, but their proposals face rejection
Nike shareholders are pushing for changes in the company’s handling of climate change, labor rights and gender equity, but past votes suggest their efforts will likely fail.
Rob Davis reports for ProPublica and Matthew Kirk reports for The Oregonian.
In short:
- Nike shareholders will vote on proposals addressing carbon emissions, labor practices, and gender pay gaps.
- Since 1996, no shareholder proposal has passed due to opposition from Nike’s board, controlled by Phil Knight’s stock.
- Major investors, including Norway’s sovereign wealth fund, are backing the climate and labor proposals.
Key quote:
“It’s very disappointing to see this lack of response, lack of engagement from the company, coupled with what we know about the layoffs and restructuring of the staff working on sustainability.”
— Lisa Hayles, Trillium Asset Management
Why this matters:
Shareholder proposals reveal investor concern over corporate responsibility, but companies with powerful founders can resist change. Weak action on climate and labor issues may harm Nike's long-term reputation and sustainability goals.
Related: Nike cuts sustainability staff despite carbon goals
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Top Story
Large corporations successfully block shareholder climate proposals
This year's proxy season saw major corporations successfully dismissing many climate-related shareholder proposals, raising questions about SEC's role in shareholder democracy.
In short:
- Climate investors struggled to pass shareholder proposals on emissions and renewable energy, with the SEC approving company requests to exclude 68% of these proposals.
- Companies like Bank of America and Walmart were able to block several proposals on greenhouse gas disclosure, while ExxonMobil took legal action against activist investors.
- SEC's leniency towards companies this year mirrors the Trump administration's approach, despite Biden’s 2021 directive to support shareholder climate information requests.
Key quote:
“Of all institutions, the SEC should understand the importance of these proposals, the importance of shareholder democracy, the ability to raise issues of concern with companies and management and boards.”
— Danielle Fugere, president and chief counsel at As You Sow
Why this matters:
Shareholder proposals are crucial for pushing companies to address climate issues. The SEC's current stance makes it harder for climate activists to influence corporate policies, potentially delaying necessary actions to combat climate change.
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US oil company ExxonMobil sues to block investors’ climate proposals
The US oil company ExxonMobil has filed a lawsuit to block a vote on a climate resolution brought by a green activist, in move that will be watched closely by fossil fuel companies worldwide.
Jason Bordoff: As climate change worsens, Big Oil’s support for clean energy is lacking
It seems increasingly evident that the oil industry is unable or unwilling to help chart a path toward a cleaner energy future.
Newsletter
Climate protesters dragged from Shell shareholder meeting as they rush stage
Climate change protesters were dragged away as they tried to storm the stage at Shell’s shareholder meeting Tuesday, while activist investors added pressure with a resolution demanding the global oil and gas giant beef up its emissions strategy.
Shell facing more climate change pressure following record profits
Shell will hold its annual general meeting tomorrow and the event is widely expected to be dominated by clashes over the energy giant’s record on climate change.
Proxy season: Climate-minded shareholder proposals are on the rise, and so is the backlash
Every year, hundreds of shareholder resolutions are introduced with public companies, a way for investors to influence corporate direction. Many are withdrawn after agreements are struck with companies; others are brought for a vote at a company’s annual shareholder meeting.
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