Asset owner rebellion: Starbucks shareholder revolt over ESG ‘failures’
A shareholder revolt at coffee giant Starbucks is growing fast, with some of its biggest owners going against the company's board.
Norges Bank Investment Management (NBIM), the trillion-dollar sovereign wealth fund in Norway, plans to vote against outgoing CEO Howard Schultz and the entire Compensation and Management Development Comittee, it has emerged.
Starbucks 'failed to manage and address numerous ESG risks, including lack of oversight and failure to uphold the company's corporate policies," NBIM wrote.
NBIM's stance comes only days after the New York State Common Retirement Fund, a big pension fund, it also plans to vote against CEO Schultz.
The company's new CEO, Laxman Narasimhan, is reportedly taking up his new role two weeks earlier, leading an annual meeting scheduled for tomorrow.