Amazon Shareholder Resolution on Tax Transparency Fails

Tech giant Amazon dodged calls for the company to report its revenue, profits and taxes on a country-by-country basis after a shareholder proposal failed to achieve a majority vote at the company’s AGM on Wednesday. Amazon will disclose the percentages of votes for and against the proposal publicly on Friday in a filing submitted to the US Securities and Exchange Commission. The resolution was first filed by the Greater Manchester Pension Fund and the Oblate International Pastoral Investment Trust, supported by UK-based independent shareholder advisory consultancy PIRC. Amazon submitted a no action request to the SEC, which was denied, thus allowing the vote to take place. Last year, 140 countries agreed to the Organisation for Economic Co-operation and Development’s plans for a two-pillar global tax reform, which aims to more evenly distribute profits and taxing rights globally and introduce a minimum 15% global tax rate by 2023.  

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