Amazon shareholders backed a shareholder proposal calling for increased tax transparency by the company at its annual general meeting on Wednesday. This is the first time such a shareholder proposal has gone for a vote.
This week, the Securities and Exchange Commission (SEC) handed Amazon investors a major victory in their drive for greater tax transparency. In response to Amazon’s attempts to exclude a shareholder proposal urging greater disclosures, the SEC ruled that the company must include the proposal in its upcoming annual meeting of investors, to be held in May.
Amazon, the ubiquitous purveyor of two-day delivery of just about everything, nearly doubled its profits to $11.2 billion in 2018 from $5.6 billion the previous year and, once again, didn’t pay a single cent of federal income taxes.