Dear New Yorkers,
Amazon is the second largest employer in the United States. The well-being of its workforce has a significant impact on its 1.6 million workers, the long-term success of the company – and on New York City’s pension funds, which own $1.9 billion of Amazon stock.
Yet Amazon stands out among its peers for high rates of injury, unsustainably high turnover, and repeated labor rights violations. Amazon have been fined or investigated in New York and California, and recently six Amazon workers were killed when the warehouse they were working in collapsed during a tornado in Illinois.
As the chief steward of NYC pension funds, it’s my duty to make sure that the companies we invest in have a healthy and sustainable future for the long-term. That’s why this week we are joining with State Comptroller Tom DiNapoli and the trustees representing city workers, teachers, police officers, and firefighters to urge Amazon shareholders to VOTE AGAINST the re-election of two Amazon board members responsible for human capital management.
Join the campaign to #DeliverAccountability by voting against or urging shareholders to vote against Amazon directors responsible for workforce oversight.
Amazon directors Daniel Huttenlocher and Judith McGrath serve on the Leadership Development and Compensation Committee, which is responsible for human capital management, which is key to the company’s long-term success. But they have failed to provide adequate independent oversight over workforce issues. Investors have made numerous requests to meet with Amazon’s board to address shareholder concerns related to human capital management oversight and disclosure. Those requests have been repeatedly rebuffed.
The right human capital strategy for a thriving Amazon is doing right by their workers. Amazon has expressed this commitment but failed to live up to it. And the board committee responsible has failed to provide the oversight required.
Meanwhile, the board has voted to grant Amazon’s 5 highest paid executives approximately $400 million in compensation in 2021, including $212 million in time-vested restricted stock to new CEO Andrew Jassy. Amazon’s 6,474-to-1 CEO-to-median compensated employee ratio exacerbates these concerns about where the board’s priorities really lie.
For these reasons, I urge Amazon shareholders to VOTE AGAINST the re-election of directors Huttenlocher and McGrath.
Learn how you can join the campaign to #DeliverAccountability
We have until May 25th to win this vote. As shareholders, we want the best long-term outcome for Amazon. Accountability over workforce health, safety, and worker rights is necessary to achieve that success.
Brad
