Amazon shareholders refuse to suggest the division of the CEO and the president

Amazon The shareholders rejected a proposal to adopt a policy that requires the roles of the company and the Chairman of the Board to stay separate.

Voting totals It was revealed in a file On Thursday, about 82 % of the shareholders offered the proposal. The independent proposal was presented alongside seven others in Amazon The annual meeting Wednesday. Both independent proposals have been rejected.

Amazon divided the roles of the CEO and Chairman when the founder Jeff Bezos is She turned on top To Andy Jaci in 2021. As part of the transition, Bezos kept the title of CEO.

The suggestion sought to write down this structure within Amazon “like most S&P 500 companies”, the Advocacy Board Board in introducing it. The group argued that the division structure allows the council to focus on corporate governance and supervision, while the CEO focuses on the company’s business.

“With the separation from the situations that are currently separated, it will now be a suitable time to do this,” says the agent.

The shareholders ’proposals that seek to separate the roles of the board of directors and the CEO in recent years have increased. The number of these proposals increased by 113 % between the Russiansll companies in the first half of 2023, which is the highest level in the past decade, according to what he said. Harvard Law Faculty Forum on Corporate Governance.

Amazon urged the shareholders to vote against the proposal, saying that the current policy enables the council to define the appropriate leadership of the company “in light of our specific circumstances at any specific time.”

The company wrote in its recommendation in 2021 that came “after looking carefully” the leadership structure in Amazon and its functions.

“In light of our success through these different leadership structures, the board of directors believes that shareholders are best served by the Board of Directors that reserves the ability to adapt to our advanced needs and implement the optimal leadership structure at any specific time.”

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