For the third year in a row, activist investor Tulipshare has asked that Amazon.com (AMZN) provide an independent report on working conditions for warehouse workers. But this time, the proposal has a $2 trillion supporter. European asset manager Amundi supports the resolution, Tulipshare says.
The proposal was first filed in 2022, when it garnered 44% of the vote at the company’s annual meeting. Adjusted for independent vote share, this worked out to 53% of the vote. In 2023, the proposal got 35% support. Adjusted for independent vote share, it brings the support to 43%. Amazon founder Jeff Bezos owns more than 9% of the company.
“Last year’s proposal received the highest votes of any Amazon proposal filed that year,” said Antoine Argouges, CEO and Founder of Tulipshare Fund told Morningstar. “Such a strong showing of support encouraged our decision to refile, as it is clear these issues are important to shareholders. Continued investigations and negative press show that this issue remains prevalent at the company. Shareholders proved last year that they want to see these risks mitigated and see Amazon take action to address its safety issues and mistreatment of workers. We are hopeful this year’s resolution will receive even stronger support.”
Tulipshare is an impact fund that pushes for stronger environmental and social commitments.
Amundi declined to comment.
Back in its 2023 proxy statement, Amazon had responded to Tulipshares proposal saying, “We have disclosed our workforce incident rates along with industry data. Our goal is to be the safest workplace within the industries that we are typically designated: the General Warehousing and Storage and Couriers and Express Delivery Services industries. While we still have work to do, from the beginning of 2019 to the end of 2022, even with the addition of nearly 900,000 new employees, we saw our worldwide recordable incident rate improve by almost 24% and our lost time incident rate improve by 53%.”
Amazon declined to comment to Morningstar on the 2024 proposal.
Typically, companies meet investors whose proposals receive wide support. “If investors feel unheard, this raises a governance red flag which can spill over into votes against board nominees or pay approval,” said Jackie Cook, Director, Stewardship, Product Strategy & Development at Morningstar Sustainalytics. “Companies definitely want to avoid this. But an enlightened board will want to hear from investors, put their position across and also learn.”
Why are Amazon Warehouse Workers’ Rights on the Ballot?
According to Tulipshare, in 2022, there were 38,609 total recordable injuries at the company, with 95% of those injuries being serious injuries leaving workers unable to perform their regular job functions or forced to miss work entirely.
“Recent developments, including ongoing investigations by the US Department of Labor, US Department of Justice, and the US Senate Health, Education, Labor, and Pensions (HELP) Committee have highlighted underreported injury rates, inordinately high employee turnover rates, and productivity targets that jeopardize the health and safety of workers within Amazon’s fulfilment warehouses, reinforcing the need for shareholder intervention,” the filer said in a press release.
Shareholders Care About Amazon Workers and Customers
Morningstar covered Amazon’s 2023 AGM and found that the 18 shareholder proposals on the proxy card (up from 15 in 2022) covered a broad range of environmental, social, and governance themes. Four of the resolutions were what Morningstar calls key resolutions, supported by more than 40% of independent shareholders. Among them were:
Freedom of association and collective bargaining;
Warehouse working conditions;
Customer use of facial recognition technology; and
Customer due diligence on human rights.
While average adjusted support for the four proposals has fallen slightly, “it appears that many shareholders believe greater transparency on these matters is of benefit,” said Morningstar’s director of investment stewardship research, Lindsey Stewart. Average support for environmental and social resolutions fell in 2023 as large managers backed away from ballot items considered to be highly prescriptive, poorly defined, or redundant.
On why shareholder support dropped last year, Cook argues that it is hard to agree with the position that it only, or even primarily, came down to the resolutions themselves, pointing to Morningstar data showing an average 10% drop in support for sustainability-linked proxy ballot measures (not counting measures put forward by anti-ESG groups). Amazon’s two worker rights resolutions are a case in point: essentially the same ask, with no obvious improvement in the issue from 2022 to 2023, yet a substantial drop in support.
Minority Support Not Equal To ‘Loss’
With the current voting structure, because Bezos owns a little under 10% of Amazon it is harder for minority shareholders to prevail, using the majority vote standard. Proxy votes are generally nonbinding. But shareholder proposals help measure investor attitudes around key issues and are essentially a barometer for management.
“We believe it’s critical as a responsible investor to engage with companies on ESG issues, even at controlled companies,” said Emma Pullman, Chief Stewardship Officer at BCGEU (British Columbia General Employees Union), “We look to the companies we invest in to manage their human rights risks, address their human rights impacts and provide adequate disclosure as a demonstration of strong risk oversight and sound corporate governance. The best outcome is that the company agrees to the disclosure we’ve asked for, and begins providing investors with critical information on supplier audits. If not, we will consider following up with the company and refiling the proposal next year if necessary.”
For Argouges of Tulipshare, success means, “Blackrock and Vanguard supporting our resolution leading to a majority vote, ultimately ensuring fair and safe working environments for Amazon warehouse workers.”
At the end of the day, each vote offers management teams insights into shareholder sentiment. Activist shareholders believe that if enough of the minority shareholders vote in favour of a resolution, management and the board will take notice and effect change.
Note: This article was amended to update Tulipshare’s description.
CHICAGO (AP) — United Airlines has struck a deal with Elon Musk’s SpaceX to offer satellite-based Starlink WiFi service on flights within the next several years.
The airline said Friday the service will be free to passengers.
United said it will begin testing the service early next year and begin offering it on some flights by later in 2025.
Financial details of the deal were not disclosed.
The announcement comes as airlines rush to offer more amenities as a way to stand out when passengers pick a carrier for a trip. United’s goal is to make sitting on a plane pretty much like being on the ground when it comes to browsing the internet, streaming entertainment and playing games.
“Everything you can do on the ground, you’ll soon be able to do on board a United plane at 35,000 feet, just about anywhere in the world,” CEO Scott Kirby said in announcing the deal.
The airline says Starlink will allow passengers to get internet access even over oceans and polar regions where traditional cell or Wi-Fi signals may be weak or missing.
Sony has made it easy for Canadian consumers to preorder the PlayStation 5 Pro in Canada directly from PlayStation’s official website. Here’s how:
Visit the Official Website: Go to direct.playstation.com and navigate to the PS5 Pro section once preorders go live on September 26, 2024.
Create or Log in to Your PlayStation Account: If you don’t have a PlayStation account, you will need to create one. Existing users can simply log in to proceed.
Place Your Preorder: Once logged in, follow the instructions to preorder your PS5 Pro. Ensure you have a valid payment method ready and double-check your shipping information for accuracy.
Preorder Through Major Canadian Retailers
While preordering directly from PlayStation is a popular option, you can also secure your PS5 Pro through trusted Canadian retailers. These retailers are expected to offer preorders on or after September 26:
Best Buy Canada
Walmart Canada
EB Games (GameStop)
Amazon Canada
The Source
Steps to Preorder via Canadian Retailers:
Visit Retailer Websites: Search for “PlayStation 5 Pro” on the website of your preferred retailer starting on September 26.
Create or Log in to Your Account: If you’re shopping online, having an account with the retailer can speed up the preorder process.
Preorder in Store: For those who prefer in-person shopping, check with local stores regarding availability and preorder policies.
3. Sign Up for Notifications
Many retailers and websites offer the option to sign up for notifications when the preorder goes live. If you’re worried about missing out due to high demand, this can be a useful option.
Visit Retailer Sites: Look for a “Notify Me” or “Email Alerts” option and enter your email to stay informed.
Use PlayStation Alerts: Sign up for notifications directly through Sony to be one of the first to know when preorders are available.
4. Prepare for High Demand
Preordering the PS5 Pro is expected to be competitive, with high demand likely to result in quick sellouts, just as with the initial release of the original PS5. To maximize your chances of securing a preorder:
Act Quickly: Be prepared to place your order as soon as preorders open. Timing is key, as stock can run out within minutes.
Double-Check Payment Information: Ensure your credit card or payment method is ready to go. Any delays during the checkout process could result in losing your spot.
Stay Informed: Monitor PlayStation and retailer websites for updates on restocks or additional preorder windows.
Final Thoughts
The PlayStation 5 Pro is set to take gaming to the next level with its enhanced performance, graphics, and new features. Canadian gamers should be ready to act fast when preorders open on September 26, 2024, to secure their console ahead of the holiday season. Whether you choose to preorder through PlayStation’s official website or your preferred retailer, following the steps outlined above will help ensure a smooth and successful preorder experience.
For more details on the PS5 Pro and to preorder, visit direct.playstation.com or stay tuned to updates from major Canadian retailers.
Since the PlayStation 5 (PS5) launched four years ago, PlayStation has continuously evolved to meet the demands of its players. Today, we are excited to announce the next step in this journey: the PlayStation 5 Pro. Designed for the most dedicated players and game creators, the PS5 Pro brings groundbreaking advancements in gaming hardware, raising the bar for what’s possible.
Key Features of the PS5 Pro
The PS5 Pro comes equipped with several key performance enhancements, addressing the requests of gamers for smoother, higher-quality graphics at a consistent 60 frames per second (FPS). The console’s standout features include:
Upgraded GPU: The PS5 Pro’s GPU boasts 67% more Compute Units than the current PS5, combined with 28% faster memory. This allows for up to 45% faster rendering speeds, ensuring a smoother gaming experience.
Advanced Ray Tracing: Ray tracing capabilities have been significantly enhanced, with reflections and refractions of light being processed at double or triple the speed of the current PS5, creating more dynamic visuals.
AI-Driven Upscaling: Introducing PlayStation Spectral Super Resolution, an AI-based upscaling technology that adds extraordinary detail to images, resulting in sharper image clarity.
Backward Compatibility & Game Boost: More than 8,500 PS4 games playable on PS5 Pro will benefit from PS5 Pro Game Boost, stabilizing or enhancing performance. PS4 games will also see improved resolution on select titles.
VRR & 8K Support: The PS5 Pro supports Variable Refresh Rate (VRR) and 8K gaming for the ultimate visual experience, while also launching with the latest wireless technology, Wi-Fi 7, in supported regions.
Optimized Games & Patches
Game creators have quickly embraced the new technology that comes with the PS5 Pro. Many games will receive free updates to take full advantage of the console’s new features, labeled as PS5 Pro Enhanced. Some of the highly anticipated titles include:
Alan Wake 2
Assassin’s Creed: Shadows
Demon’s Souls
Dragon’s Dogma 2
Final Fantasy 7 Rebirth
Gran Turismo 7
Marvel’s Spider-Man 2
Ratchet & Clank: Rift Apart
Horizon Forbidden West
These updates will allow players to experience their favorite games at a higher fidelity, taking full advantage of the console’s improved graphics and performance.
Design & Compatibility
Maintaining consistency within the PS5 family, the PS5 Pro retains the same height and width as the original PS5 model. Players will also have the option to add an Ultra HD Blu-ray Disc Drive or swap console covers when available.
Additionally, the PS5 Pro is fully compatible with all existing PS5 accessories, including the PlayStation VR2, DualSense Edge, Pulse Elite, and Access controller. This ensures seamless integration into your current gaming setup.
Pricing & Availability
The PS5 Pro will be available starting November 7, 2024, at a manufacturer’s suggested retail price (MSRP) of:
$699.99 USD
$949.99 CAD
£699.99 GBP
€799.99 EUR
¥119,980 JPY
Each PS5 Pro comes with a 2TB SSD, a DualSense wireless controller, and a copy of Astro’s Playroom pre-installed. Pre-orders begin on September 26, 2024, and the console will be available at participating retailers and directly from PlayStation via direct.playstation.com.
The launch of the PS5 Pro marks a new chapter in PlayStation’s commitment to delivering cutting-edge gaming experiences. Whether players choose the standard PS5 or the PS5 Pro, PlayStation aims to provide the best possible gaming experience for everyone.
Preorder your PS5 Pro and step into the next generation of gaming this holiday season.
