In other updates, Nike shareholders voted against a proposal to join binding agreements with supply chain workers aimed at improving human rights in high-risk countries. The proposal, led by Domini Impact Equity Fund, was part of an ongoing effort by investors to address labor concerns, including unpaid wages for 4,000 garment workers in Cambodia and Thailand.
A similar petition was also rejected, despite backing from major investors like Norway’s wealth fund. Nike’s board had recommended voting against the proposal, stating that the company already has systems in place to manage labor issues in its supply chain.
The rejected proposal urged Nike to publish a report on worker-driven social responsibility (WSR) and to explain why it has not joined the Pakistan Accord, a worker safety agreement that competitors like Adidas and Puma have supported.
In addition to this, shareholders also approved executive compensation packages, including a USD 29.2 million salary for CEO John Donahoe for fiscal 2024.
Sources