Nike shareholders on Tuesday rejected a proposal seeking greater transparency over the company’s climate strategy, despite the resolution drawing support from Norway’s $2 trillion sovereign wealth fund, one of the sportswear giant’s largest investors.
The proposal, filed by Green Century Capital Management, called on Nike to disclose more detail on how it intends to meet the emissions targets it set in 2019: a 65% cut to emissions from its own operations and a 30% reduction across its supply chain, both by 2030. In its fiscal 2024 update, Nike said supply-chain emissions had fallen 11% against a 2015 baseline, but the proponent argued shareholders still lacked enough clarity to judge whether that progress was consistent and comparable year to year. Read Here
Norway’s wealth fund, Nike’s 11th-largest shareholder according to LSEG data, publicly backed the resolution ahead of the annual meeting. Nike’s board urged investors to vote against it, saying management remained committed to cutting emissions and was best positioned to determine appropriate targets and disclosures. The company did not release the final vote count.
The rejection lands at a difficult moment for Nike, which is contending with slumping sales, eroded market share and a two-year push by Chief Executive Elliott Hill to reinvigorate product innovation. The stock has fallen roughly 40% so far this year.
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Nike’s own sustainability reporting has shifted in tone. Its 2024 impact report highlighted initiatives such as expanded use of recycled polyester and rubber and efforts to help suppliers adopt renewable energy, while the following year’s disclosure leaned more heavily on emissions and waste data points rather than narrative detail.
Shareholders separately approved Nike’s executive pay package despite opposition from Norway’s fund and proxy advisers Glass Lewis and Institutional Shareholder Services, both of which had recommended a vote against. Hill received more than $36 million in total compensation for fiscal 2026. Norway’s fund argued Nike’s board should ensure any compensation carries a clear business rationale.
A separate proposal from a group of conservative investors, urging Nike to exclude gender-transition surgery for minors from its employee health plans, also failed to pass.
The votes underscore a broader tension facing large-cap companies as climate-focused shareholders push for firmer accountability even as boards resist ceding control over disclosure, and as rising scrutiny of environmental claims collides with investor pressure on executive pay.