According to a regulatory filing, shareholders of the ride-sharing company voted against a proposal that would have required them to fully disclose their lobbying activities.
The measure was rejected by shareholders before. The results show a growing number of shareholders want full disclosure. 45% of shareholders voted in favor of the measure compared to 30% last year. Two-thirds of shareholders need to vote in favor of the proposal.
The increase in votes in favor signals a win for advocates in the long run as they try to encourage companies to be more forthcoming in their spending.
According to the proposal, the lack of full disclosure around its lobbying activities represents multiple risks for the company. If the company reveals that it backs a cause that its users don't like, it could cause a lot of damage to the company's reputation.
Teamster senior government analyst Michael Pryce-Jones says the real risk is the business itself.
How much do you have to lobby for? Pryce-Jones said that resilience goes to how you are earning money.
The vote comes as the app-based gig companies continue to lobby hard and support so-called grassroots organizations dedicated to independent worker rights in order to keep gig workers classified as contractors, rather than employees. Benefits like minimum wage and sick leave, as well as protections like workers' compensation, are included in the business model of the company.
The campaign that brought about the passage of California's Prop 22 received $30 million from the company. Massachusetts, Colorado, Illinois, New Jersey, New York and Washington are some of the states where the company is working to pass similar laws.
The board voted in favor of three of the proposals. The first proposal is for 11 directors to be elected to serve until the annual meeting in 2023. The directors are on the board.
On a non-binding advisory basis, the shareholders voted to approve the compensation of the named executive officers. The CEO's target compensation was less than he wanted it to be, with only 4% in salary, 12% in cash bonus and 82% in long-term equity. In terms of salary, stock awards, non-equity incentive plan compensation, and other compensation, it's a total of $20 million.
The breakdown was 9% salary, 9% cash bonus and 82% long-term equity for other executives. There is a breakdown of total compensation for executives.
In order to attract and retain talent, and to align executive incentives with company performance, the company has a philosophy of how it compensates executives.
This is a small portion of the compensation philosophy pulled from a regulatory filing.
In order to promote long-term stockholder value creation and link the compensation of our executive officers to these long-term strategic goals and key drivers of our business, the primary focus of our compensation philosophy and program is on the long-term elements of target total compensation.
The appointment of the company's independent registered accounting firm was approved by the shareholders. The last two financial years, as well as the last two years before that, were served by PwC.
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