Johnson & Johnson (NYSE: JNJ) investors voted in support of a proposal for a third-party racial justice audit at the annual shareholder meeting.
It was the only shareholder proposal to pass at yesterday’s annual meeting, where investors also considered proposals to discontinue global sales of baby powder containing talc, to study the public health costs of protecting COVID-19 vaccine technology, and to include legal and compliance costs in executive pay metrics.
The vote is only advisory, so it doesn’t require Johnson & Johnson to take action, but it sends a strong signal from investors that they view racial justice as a business matter.
A similar proposal in 2021 had significant support. Johnson & Johnson opposed the proposals both years, saying the company already makes diversity, equity and inclusion (DEI) part of its credo and core values.
Corporate Secretary Matthew Orlando announced the proposal’s passage at the close of the meeting.
“The board and management appreciate all forms of feedback from our shareholders, and despite the advisory nature of today’s vote on the shareholder proposals … we will seriously evaluate today’s voting results,” he said.
Johnson & Johnson will file the final voting results with the SEC by May 4, he said.