NIKE SHAREHOLDERS REJECT SUPPLY CHAIN HUMAN RIGHTS PROPOSALS: At Nike’s annual meeting this week, shareholders voted down two key proposals aimed at improving human rights in its supply chain.
One, led by Domini Impact Equity Fund, urged Nike to adopt binding agreements with workers in high-risk countries and join the Pakistan Accord, a health and safety agreement already signed by adidas and PUMA Group.
Another, put forward by Tulipshare, called for a deeper review of forced labour and wage theft concerns.
Despite support from Norway’s wealth fund, Nike’s board recommended against the proposals, citing existing controls.
Shareholders also approved CEO John Donahoe’s US$29.2m (not a typo) compensation package for fiscal 2024, despite criticism of excessive executive pay.
This comes as Nike faces rising competition from brands like On and Hoka, and concerns about an innovation lag. Wall Street is watching closely, with speculation of potential management changes ahead of Nike’s investor day in November.
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