Nike (New York Stock Exchange:NKE) shareholders reportedly voted against a proposal that would have required the company to implement worker-centered social responsibility principles and support binding agreements to address and remedy human rights issues in high-risk countries.
The proposal would also have covered $2.2 million. Nike apparel workers are alleged to have unpaid wages and benefits (Electronics and Telecommunications Research Institute) suppliers from Cambodia and Thailand.
The proposal was initiated by an investment group led by the Domini Impact Equity Fund, urging Nike (NKE) to assess the effectiveness of its supply chain management infrastructure in meeting the company’s capital objectives and human rights commitments.
Nike (NKE) recommended that shareholders vote against the proposal because the company has “established robust controls to identify, assess and address human rights and labor issues across its operations and supply chain” and believes the proposal is unnecessary.
Nike (NKE) issued a statement internally opposing the idea, saying, “As a company, we advocate for better practices and greater transparency across our global supply chain. That’s why we share with stakeholders how we manage social issues and impacts.” annual report.
Nike (NKE) stock closed Tuesday’s session lower. 1.7% down It has been in the red for six consecutive days.
