Several of Canada’s largest pension funds have backed a proposal requesting that Amazon.com Inc. review how its actions against ongoing union organizing efforts align with its stated commitment to freedom of association and collective bargaining.
The proposal by the Shareholder Association for Research and Education and the Catherine Donnelly Foundation was supported by the Alberta Investment Management Corp., the British Columbia Investment Management Corp., the Canada Pension Plan Investment Board and the Investment Management Corp. of Ontario, along with the California Public Employees’ Retirement System, the California State Teachers’ Retirement System, the New York City Employees’ Retirement System and the Teacher Retirement System of Texas. Half (47 per cent) of independent shareholders also backed the proposal.
“This is a big win for workers and for investors who recognize that good human capital management practices are crucial to companies’ success,” said Sarah Couturier-Tanoh, manager of corporate engagement and shareholder advocacy at the SHARE, in a press release. “Amazon can no longer ignore its union problem as workers, investors and regulators expect the board and the management to demonstrate a genuine intention to respect workers’ rights, including freedom of association and collective bargaining across its operations.”
The SHARE has filed a similar proposal at Tesla Inc., which will be voted on at the company’s annual general meeting in August, the release said.