UN's new climate report, tech layoffs, factory workers press Nike over missing pay and more

The Activist Investor

Mar 27 2023 • 5 mins

Earlier this week the UN issued a new climate report in which scientists say we need to bring net-zero targets forward by a decade. The statement was made as part of a climate survival guide, which found that current net zero targets wouldn’t be enough to slow the pace of climate change. In it, they suggested bringing targets forward by a decade. So what does this mean for the shareholder activism space?

Over on our blog, we’ve highlighted several articles well worth a read if you want to see more about the role shareholders can play in net-zero targets.

Meanwhile, Amazon to lay off 9,000 workers in cuts

The cuts will affect their tech products, mostly, following a wider trend of tech companies who experienced rapid growth during Covid and are now easing back amid concerns about the economy.

Read more about it here

Salesforce also plans to cut 10% of its workforce

This will amount to roughly 8,000 layoffs, with the company also citing concerns about the economy. Marc Benioff, Salesforce’s co-CEO, was quoted saying, “We hired too many people leading into this economic downturn.” Stubbornly high inflation rates in the US as well as rising interest rates have been blamed for the tech sector’s slowdown.

Read the full story here.

Back to Amazon news - Amazon’s application for new UK warehouse refused

The proposal would have seen nearly 60 acres of agricultural land to the west of the M62, near Cleckheaton, built upon. It received nearly 2,000 representations, with a majority of those opposing the plans. Despite the company’s promise that the warehouse would create 1,700 jobs in its first year, local residents stated objections such as increased traffic and pollution to the area.

Read the story here

Asia factory workers press Nike over missing pay

Shareholders at Tulipshare aren’t the only ones questioning the company’s silence around the treatment of factory workers in its supply chain - A group of 20 garment-worker unions and two labor-rights groups recently filed a complaint alleging the sportswear giant’s treatment of workers and unpaid wages violated OECD guidelines for responsible business conduct. It’s also a good time to mention that the deadline for shareholders to file proposals at Nike is next week.

Read the story

And now over to Tulipshare-related news:

We’re excited and proud to have won the award for Best Ethical Investment account at this year’s Good Money Guide Awards!

Here are a few of our team members collecting the award in person at the event in London

You can check out a full list of winners and categorieshere

[And now for our campaigns] Upcoming record dates…

Buying shares before the company’s ‘record date’ gives you the best chance at being able to vote at their AGM, [so we like to remind people about these dates as they approach]. While we don’t know the exact record dates until the company releases its proxy statement, we can usually estimate them based on last year’s dates. The next estimated record dates coming up for our campaigns are McDonald’s, Skechers, Chevron, Meta, and ExxonMobil. You can read more about all of these campaigns through our app or website.

And here are a few of the latest proxy statement releases

At Tulipshare we send out regular updates regarding our campaigns, including information about when proxy statements are released. This week we sent our shareholders updates for Eli Lilly, Coca-Cola, Berkshire Hathaway, Lockheed Martin, Wells Fargo, Johnson & Johnson, Goldman Sachs, and Papa John’s. We’re happy to announce that we have campaign proposals on the ballot for all of those campaigns apart from Coca-Cola, meaning eligible shareholders have the opportunity to vote on our campaign issues at the AGMs. All of this information is available through our app and website, all you have to do is visit the campaign you’re interested in learning more about.

Please remember that if you do decide to invest behind any of our campaigns, capital is at risk - meaning the value of your investments can go up as well as down.