Key facts
- Nike shareholders rejected a proposal urging more transparency on its climate goals.
- Norway's wealth fund, Nike's 11th-largest shareholder, supported the climate proposal.
- Nike's board argued that management is best positioned to determine climate targets and disclosures.
- Shareholders approved Nike's executive compensation plan.
- A separate proposal to exclude gender-transition surgery for minors from employee health plans also failed.
Nike shareholders have rejected a proposal that would have required the company to provide more detailed transparency on its climate goals and emissions-reduction targets. The sportswear giant stated that its management is best positioned to determine appropriate disclosures.
Norway's sovereign wealth fund, the company's 11th-largest shareholder, had announced its support for the climate transparency proposal. However, Nike's board urged shareholders to vote against it, emphasizing the company's ongoing commitment to reducing greenhouse gas emissions.
Shareholders also voted to approve Nike's executive compensation plan, despite recommendations against it from proxy advisers Glass Lewis and Institutional Shareholder Services. A separate proposal from conservative investors seeking to exclude gender-transition surgery for minors from employee health plans also failed to pass.
Nike has set targets to reduce its carbon emissions by 65% across its own operations and 30% across its supply chain by 2030. The company reported an 11% reduction in supply chain emissions from a 2015 baseline in its fiscal 2024 update. The company's market capitalization is approximately $56 billion, and its shares have fallen about 40% this year.
