AGM season roundup #3 — The top environmental votes
The temperature is rising for Amazon as it appears twice in the three “most voted on” environmental proposals.
As part of Tumelo’s AGM Season 2022 Recap series we are looking at votes that most caught our users’ eyes. Here are the top three environmental votes that got people heated.
The Big Three
1_Should Amazon report on how it plans to reduce its plastic packaging?
Tumelo users: 96.5% voted in favour.
Shareholders: 48.9% voted in favour.
Shareholder advocacy group As You Sow argued in their proposal that Amazon does not disclose how much plastic packaging it uses.
It claimed that the company generated 465 million pounds of plastic packaging waste in 2019 and that Amazon could be at risk of having to pay around $100 billion a year to cover the costs of its plastic pollution.
Amazon responded by saying that the calculations estimating its plastic impact on the ocean are seriously flawed, claiming the report overestimated Amazon’s plastic use by more than 300%.
Despite being ultimately rejected by shareholders at the AGM, the proposal nearly received majority support.
2_Should Amazon report on how its retirement plans align with its climate action goals?
Tumelo users: 90.9% voted in favour.
Shareholders: 9.1% voted in favour.
In this proposal, As You Sow argued that Amazon’s 401k retirement plan does not align with its sustainability goals.
It claimed that every investment fund offered by the Amazon retirement plan contains major fossil-fuel investments and companies involved in deforestation risk.
Amazon responded saying that it already offers ESG-friendly investment opportunities for plan participants who wish to invest with ESG in mind. Amazon also mentioned that it is on the path to using 100% renewable energy in its operations by 2025.
Amazon shareholders seemed to agree, given that only 9.1% voted in support at its 2022 AGM.
3_Should ExxonMobil make an audited report on its climate-related financial estimates?
Tumelo users: 94.9% voted in favour.
Shareholders: 52% voted in favour.
At Exxon’s AGM, shareholder Andrew Behar stated that Exxon is the largest producer of single-use plastics, having produced 5.9 million metric tons in 2019. He proposed that the company issue an audited report exploring how a societal change to a circular plastic system would affect its financial position.
Exxon responded by saying that plastics help make modern life possible. They argued that they can be found in any emergency room, day care, or vehicle, and were vital in vaccinating the world against COVID-19.
It added that it already works toward making products that are more easily recycled and supporting improvements in plastic waste recovery.
Despite this, the majority of shareholders voted in favour of this proposal, suggesting they were not satisfied with Exxon’s current plastic policies.
If you have access to Tumelo, head over to your account and get voting! If not, ask your employer or pension provider for Tumelo and join others in reclaiming your shareholder rights 💪
