Google shares fall as parent company shareholders vote against employee proposals

Google shares closed lower and are red in pre-market activity as shareholders voted against a number of employee proposals to link pay to diversity achievements.

Google shares fall as parent company shareholders vote against employee proposals

Google shares closed in the red Wednesday as shareholders voted against employee proposals at the AGM in Mountain View, California. Google employees had put forward motions to link pay to diversity achievements and also, to have more data on the moderation of user-generated content.

The board had recommended shareholders vote against the proposals and that was the final outcome on every proposal put forward.

Google shares closed 0.35% lower at $1,146.95, in the US Wednesday trading session. And, the stock is also in the red in out-of-hours activity, Thursday.

Google shareholders deny employee proposals

The proposals put forward by employees were:

  • To consider and vote upon a stockholder proposal regarding equal shareholder voting, if properly presented.
  • To consider and vote upon a stockholder proposal regarding a lobbying report, if properly presented.
  • To consider and vote upon a stockholder proposal regarding a report on gender pay, if properly presented.
  • To consider and vote upon a stockholder proposal regarding simple majority vote, if properly presented.
  • To consider and vote upon a stockholder proposal regarding a sustainability metrics report, if properly presented.
  • To consider and vote upon a stockholder proposal regarding board diversity and qualifications, if properly presented.
  • To consider and vote upon a stockholder proposal regarding a report on content governance, if properly presented.

And, even though Google employees who spoke at the meeting put their case forward clearly, shareholders voted against all of them.

“At Alphabet, diversity and inclusion activities by individual contributors have been met with a disorganized array of responses, including formal reprimand,” Google software engineer Irene Knapp said during the shareholder meeting. “The chilling effect … has impaired company culture.”

San Jose mega campus

Also under discussion, was the impact of Google’s planned mega campus in San Jose.

Fears over the planned expansion include whether or not the company can commit to the campus being beneficial to the local residents of the region. Some local residents are concerned that the new development will only widen the current level of inequality in the area.

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