Sep 14, 2023
Nike investors voted against two shareholder-led proposals during the sportswear giant’s annual meeting on Tuesday, according to a preliminary tally by the company.
One of the resolutions, filed by Massachusetts-based investment adviser Arjuna Capital, called on Nike to provide more data on pay equity for female and minority employees.
The second, filed by shareholder advocacy group Tulipshare, asked the company to issue a report on whether its supply chain policies effectively address Nike’s stated equity goals and human rights commitments.
Proposals require more than 50% of shareholder votes to win, but Nike is not required to adopt them. The company will disclose the final vote tally in a future U.S. Securities and Exchange Commission filing.
Arjuna’s resolution on pay equity reporting failed for the second time since 2021 despite backing from proxy advisory firm Institutional Shareholder Services, which in August recommended that investors vote for the proposal.
Nike has faced growing pressure for more transparency into its supply chain.
More than a dozen investors are calling on Nike to pay garment workers in Cambodia and Thailand that a labor rights group said lost wages after Covid-19 factory shutdowns, according to a Sept. 7 letter to Nike’s CEO John Donahoe.
Nike told Reuters it has not sourced product from the Cambodian factory since 2006 and that it also found “no evidence” that it owed workers in Thailand back pay.
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