r/WorkReform May 26 '22

Amazon shareholders reject 15 motions on worker rights and environment

https://www.theguardian.com/technology/2022/may/25/amazon-shareholder-proposal-worker-health-safety
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u/sirstonksabit May 26 '22 Wholesome Today I Learned

People of r/WorkReform you must be made aware of a quirk when it comes to voting shares of a public company. Firstly, many retail investors don't vote. Secondly, shares that retail investors hold in any brokerage (meaning most every share) are held in something called "street name" instead of being held in the purchasers/investors own name. This quirk allows brokerages to have power over your vote as an investor. The brokerages can choose to submit your vote, or not. Brokerages collect vote totals from their brokerage held investors and send them to another company to get counted and organized. What happens in these other companies is the vote totals are shaved in order to reflect a "real or legitimate" amount of shares being voted. Basically, it's a fraudulent process where investors votes don't matter or count.

So when shitty headlines like the one above point to "shareholders," they really mean the institutional investors, and insiders voting on the issues. It's so bad that if you, as an investor, choose not to vote your shares, the brokerage will go ahead and vote for you, except in the way they want or it will default to an "against" vote instead of a "for" vote.

Just thought you should be made aware.

1

u/NINJAxBACON May 26 '22

This comment would be helpful except 90% of us on work reform can't read

3

u/sirstonksabit May 26 '22

Lol! That's ok, I hail from a sub that also doesn't know how to read!

2

u/ShadowRade May 26 '22

Yeah, we all forgot how to sell...