Amazon’s annual meeting of shareholders saw investors representing a majority of the company’s shares voting against all 14 outside proposals submitted. Issues discussed during the meeting included climate impact, workers’ rights, racial and gender pay gaps, corporate governance, facial recognition technology, working conditions, and artificial intelligence. The board, which was re-elected as part of the meeting, had recommended voting against all the proposals, with some requests focusing on creating additional board committees to address human rights risks associated with AI systems and reducing the company’s plastics footprint. Detailed results of the meeting are typically released a few days after the event.
The annual meeting, which was held virtually due to the pandemic, included a Q&A section where Amazon CEO Andy Jassy answered questions submitted by shareholders. Jassy discussed plans for Alexa, emphasizing the potential for the device to become a broad personal assistant with over half a billion devices in people’s homes. He also touched on the company’s advertising business, stating that there is still significant opportunity for growth in this area. In terms of issuing dividends, Jassy explained that Amazon is focused on investing cash back into the business, particularly in areas like the Stores and AWS businesses which have significant growth opportunities.
Several of the proposals submitted at the meeting were repeat proposals that had failed in prior years. Amazon noted that some of the proposals contained assertions that were incorrect or reflected a lack of understanding of how the business operates. Despite the rejection of the outside proposals, the meeting showcased a variety of perspectives on issues related to the company’s impact on society and the environment. The virtual format of the meeting allowed for broader participation from proponents including Amazon employees, activists, and others. The meeting also provided an opportunity for shareholders to engage with the company’s leadership on pressing issues.
During the meeting, questions were raised on topics such as warehouse injuries, the future of artificial intelligence, government regulation, and Amazon’s advertising business. Jassy’s responses emphasized the company’s optimistic outlook on the future, particularly in areas like AI, advertising, and new business ventures. Amazon’s commitment to investing in growth areas was highlighted as a key strategy for maximizing returns for shareholders. The meeting served as a platform for dialogue between shareholders and Amazon’s leadership, enabling transparency and accountability on a range of issues impacting the company and its stakeholders.
Overall, Amazon’s annual meeting of shareholders reflected a mix of perspectives on various issues ranging from workers’ rights to climate impact to corporate governance. The rejection of all outside proposals by a majority of shareholders indicates a continued alignment with the company’s leadership and strategic direction. The virtual nature of the meeting allowed for broader participation and engagement from stakeholders, including proponents of the outside proposals. Moving forward, Amazon will continue to focus on driving growth in key areas like AI, advertising, and new business ventures, while also considering alternative ways to invest cash that will benefit customers, the business, and shareholders. The meeting served as a platform for dialogue and discussion, highlighting the complexities and challenges facing one of the world’s largest e-commerce companies.
