Amazon shareholders agreed to CEO Andy Jassy's $214 million package but rejected all the investor-led proposals that demanded the company do more to address issues such as workplace safety. The non-binding proposals were voted on by shareholders at the annual shareholder meeting.
The meeting was Jassy's first as Amazon's CEO. Jassy was offered a $214 million compensation package when he took over the role from Jeff Bezos.
The majority of Jassy's pay package is made up of 61,000 shares that vest over 10 years. According to a proxy statement filed with the Securities and Exchange Commission, his salary accounts for $175,000 of his package.
The way the SEC rules work we are required to report that grant as total compensation for 2021, when in reality it will vest over the next 10 years.
Advisory firms urged shareholders to veto the pay package of the new CEO. The shareholders of various companies are given suggestions on how to vote.
Tech companies are being asked by investors to do more for the environment and society, and shareholder meetings are a way for them to propose changes they would like to see. Companies are fighting against those concerns.
The proxy statement shows that on June 1, the company will ask shareholders to vote against 17 proposals that touch on racial equity, environmentalsustainability, and data privacy concerns.
The board of Amazon had urged shareholders to reject all the proposals in the lead-up to the meeting. The proxy statement shows that the proposals touched on issues including workplace safety, Amazon's commitment to the environment, and racial and gender pay gaps.
According to the Financial Times, Amazon's shareholders vote with what the board recommends. The proxy statement shows that Bezos is the company's largest individual shareholder.
Even though the votes were non-binding, the amount of support they received could prompt Amazon to adopt them. An overall tally of the votes is expected to be released by Amazon.
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