Nike’s yearly shareholder meeting brought some interesting developments.
Investors had the chance to vote on a few key proposals.
One idea came from a group led by Domini Impact Equity Fund. They wanted Nike to think about joining deals with supply chain workers.
The goal was to tackle human rights issues in risky countries.
Another proposal came from Tulipshare. They asked Nike to check how well it manages its supply chain.
This included looking into forced labor and wage theft worries.
Both of these ideas didn’t pass. Most shareholders voted against them.
Nike’s leaders had told people to vote no on these plans. They said the company already has good ways to spot and fix labor problems in its supply chain.
Even though these votes don’t force Nike to do anything, sometimes big companies will act if enough shareholders back an idea.
The Domini group also wanted Nike to write a report about worker-driven social responsibility. This means making deals with workers about safety rules and how to fix problems.
They also asked why Nike hasn’t joined the Pakistan Accord. This is a safety deal between workers’ unions and brands. Some other big names like Adidas and Puma have signed it.
Norway’s wealth fund, which owns a lot of Nike shares, liked the Domini plan. But they weren’t happy with how much Nike pays its top people.
In the end, most shareholders said okay to the pay plan. Nike’s CEO, John Donahoe, got $29.2 million for the 2024 money year.
Some money experts think Nike might shake up its leaders soon. This comes after Nike said it might make less money next year than people thought.
The company is having a hard time coming up with new ideas. It’s also facing tough competition from newer brands like On and Hoka.
Nike’s choices at this meeting show it’s trying to balance different needs.
It wants to keep making money, but also faces pressure about how it treats workers.
The coming months might bring big changes for the famous shoe company.
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