Nike investors reject climate-plan disclosure proposal

On September 8, Reuters reported that Nike shareholders rejected a proposal seeking more detail on how the company would achieve its climate targets, despite support from Norway’s sovereign wealth fund, its 11th-largest shareholder. Nike has targeted emissions reductions of 65% in its operations and 30% across its supply chain by 2030, and reported an 11% supply-chain reduction from a 2015 baseline; the company did not publish vote totals. Boards should not read a failed resolution as the end of the disclosure issue, because major investors can continue to test whether targets, capital plans and published metrics align. Counsel should prepare a coherent record linking board oversight, transition measures and claims even where management retains discretion over disclosure format.