A resolution filed by UK NGO ShareAction and ten investors managing £2.2 trillion in assets calling for supermarket Sainsbury’s to become an accredited living wage employer has been voted down. However, despite two major proxy advisors, Glass Lewis and ISS, encouraging investors to vote against the resolution, 17% of investors backed it at the annual general meeting (AGM) today. In the two weeks leading up to the vote, a number of institutional investors came out to publicly support the resolution, including Aviva Investors and the Coal Pensions Board. Rachel Hargreaves, Campaign Manager at ShareAction, said: “Investors have shown that they can and do support pay rises for the low paid. Equally, we’re disappointed that a large proportion shareholders chose to prioritise short-term returns over the real long-term issue: rising inequality in our society. As we deal with the continued effects of the cost-of-living crisis, the conversation round low pay isn’t going to go away, and both employers and investors need to step up. We look forward to hearing how the company will address shareholder concerns.”
Today is @sainsburys AGM, where investors will be voting on a special resolution calling for them to accredit as a Living Wage employer.
Follow this thread to get live updates from the AGM 👇👇
— Rachel Hargreaves (@RachelHarg9613) July 7, 2022