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<ul class="summary-list"><li>Tesla shareholders really want the company to release new vehicles.</li><li>An investor Q&amp;A for Tesla's earnings saw them clamor for details about the automaker's next car.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> shareholders want Elon Musk to roll out new vehicles.Retail investors are submitting questions in an <a target="_blank" class="" href="https://app.saytechnologies.com/tesla-2024-q2?sort=num_upvotes">anonymous Q&amp;A forum</a> for Elon Musk and other executives to answer in Tuesday's earnings call, and many of them are asking when Tesla plans to release new EVs.One shareholder requested updates on the status of a revamped Tesla Roadster, which Musk has teased will be a <a target="_blank" class="" href="https://www.businessinsider.com/tesla-roadster-spacex-technology-elon-musk-interview-2024-3">SpaceX-Tesla collaboration</a> complete with rocket tech. Another asked about the launch of a possible "<a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-plans-electric-van-eventually-2021-1">Tesla Van</a>."The questions show a clear desire from Tesla shareholders for new vehicles, with the company's best-selling EVs — <a target="_blank" class="" href="https://www.businessinsider.com/tesla-design-refresh-looks-getting-stale-elon-musk-cant-ignore-2023-3">such as the Model Y</a> — now several years old.That's in contrast to many of the automaker's rivals, who are <a target="_blank" class="" href="https://www.businessinsider.com/evs-too-expensive-5-upcoming-affordable-models-kia-chevy-volvo-2024-6">releasing a host of new electric models</a>, many of them at more attractive price points.The last vehicle Tesla released <a target="_blank" class="" href="https://www.businessinsider.com/tesla-truck-cybertruck">was the Cybertruck</a>, which remains in limited production and can <a target="_blank" class="" href="https://www.tesla.com/cybertruck/design#payment">cost as much as $100,000</a>.Musk continues to hint that the company plans to build more affordable electric vehicles, telling shareholders <a target="_blank" class="" href="https://www.businessinsider.com/tesla-investors-cheaper-cars-soon-musk-said-earnings-stock-up-2024-4">Tesla was accelerating those plans earlier this year</a> after reports that the automaker was <a target="_blank" class="" href="https://www.businessinsider.com/tesla-scrapping-25k-car-report-elon-musk-denies-2024-4">ditching a $25,000 "Model 2" caused Tesla's share price to drop</a>.A slide at Tesla's annual shareholder meeting in June teased three new mystery vehicles, but it is unclear what they are and when they will be released.The investor Q&amp;A also included questions about when Tesla's <a target="_blank" href="https://www.businessinsider.com/tesla-robotaxi-ai-event-delayed-october-report-stock-falls-2024-7">highly anticipated — and recently delayed — launch event</a> for the company's first self-driving Robotaxi will happen and when these vehicles will be in action. Other investors asked when <a target="_blank" class="" href="https://www.businessinsider.com/tesla-says-two-optimus-humanoid-robots-working-in-factory-autonomously-2024-6">Tesla's Optimus robot</a> will be available to purchase and for Musk's thoughts on the impact of the upcoming presidential election on the EV market. "Elon, do you believe a Trump/Vance administration will support Tesla and EVs? How confident are you based on your conversations?" read one query.Musk has been outspoken in recent weeks in his support for Donald Trump and his running mate, JD Vance, despite <a target="_blank" href="https://www.businessinsider.com/what-trump-presidential-victory-could-mean-for-evs-tesla-musk-2024-7">Trump expressing skepticism about EVs.</a>Tesla did not respond to a request for comment from Business Insider, made outside normal working hours.Do you work for Tesla or have insights to share? Reach out to this reporter from a non-work email and device at <a target="_blank" href="mailto:tcarter@businessinsider.com">tcarter@businessinsider.com</a><a target="_blank" rel=" nofollow" href="mailto:tcarter@businessinsider.com">.</a>

Tesla shareholders are pressing Musk to release new models 

<ul class="summary-list"><li>Nike is the latest retailer to change its CEO.</li><li>More retail bosses have walked the plank post-pandemic, with boards demanding better performance.</li></ul>John Donahoe is the latest retail CEO to hit the chopping block.<a target="_blank" class="" href="https://www.businessinsider.com/nike-new-ceo-elliott-hill-may-help-ailing-sneaker-brand-2024-9">The Nike boss </a><a target="_blank" href="https://www.businessinsider.com/nike-new-ceo-elliott-hill-may-help-ailing-sneaker-brand-2024-9">is stepping down next month</a> and will be replaced by <a target="_blank" class="" href="https://www.businessinsider.com/nikes-new-ceo-started-from-bottom-as-an-intern-2024-9">Elliott Hill, </a>who started in 1988 as an intern and worked his way up the ranks before retiring in 2020.Analysts say Donahoe's departure was somewhat inevitable after <a target="_blank" class="" href="https://www.businessinsider.com/nikes-sales-to-fall-this-year-as-turnaround-plan-continues-2024-6">Nike's long period of decline</a> and underperformance."Under his tenure, Nike made a number of mistakes which have weakened the brand — a shakeup was required to try and draw a line under a period of very bad performance and to demonstrate that serious changes are underway," Neil Saunders, managing director of GlobalData Retail wrote in a note on Thursday.<div type="image" title="Nike CEO John Donahoe in front of pattern of Nike sneakers and logo 4x3" height="1750" width="2333" msid="113526660" hostid="261" sizebytes="268684"></div>Investors are already signaling confidence in the new hire and change of direction, with shares up in premarket trading.But as Saunders points out, sending a signal to the market is one thing, but convincing consumers is another. "A change of jockey does not automatically put the Nike horse out in front," he said.Though Donahoe has been criticized for lack of product innovation and uninspiring marketing — two key elements that have been at the heart of Nike's success — the reality is being a retail boss right now is pretty tough.<h2 id="fbd6a07f-f1bd-4bd2-a6f4-24bdb163e5ed">Belt-tightening</h2>The <a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">era of post-pandemic indulgent spending</a> is over.Retail sales rose by just 0.1% in August, slowing from a 1.1% increase in July as some shoppers are becoming more cost-conscious and selective with their purchases.This is creating a more challenging environment for retailers. Some chains, including <a target="_blank" class="" href="https://www.businessinsider.com/stores-cutting-prices-summer-list-walmart-target-amazon-aldi-walgreens-2024-6">Walmart and Target, have started cutting prices</a> to offer more value for consumers.Others are finding <a target="_blank" class="" href="https://www.businessinsider.com/chipotle-boy-bowl-promo-vest-wearing-finance-bros-2024-6">creative ways </a>to get more customers through the door.Retail CEOs are tasked with navigating these choppy and unpredictable waters. And increasingly, boards seem to be rethinking whether their head honchos are up to the job.The past year or so has seen an <a target="_blank" class="" href="https://www.businessinsider.com/retail-ceos-leaving-stepping-down-trend-explained-2023-1">exodus of CEOs</a> from companies such as Gap, Bed Bath &amp; Beyond, and Adidas. According to data from outplacing firm Challenger, Gray &amp; Christmas, CEO turnover in retail more than doubled in 2023 and was at the highest level since 2019.Experts say this unusual amount of turnover is closely connected to the pandemic, which upended retail. Shoppers stayed at home and out of stores, online shopping soared, supply chains fell into chaos, and stimulus checks boosted demand, making it almost impossible to gauge a business's performance.But as restrictions eased and the protective shield of the pandemic lifted, CEOs became more vulnerable as boards questioned whether these were the right people to lead these businesses into the next stage.<h2 id="a6341e0c-46e4-4c74-bb47-d055a63438f5">Watch out CEOs</h2>This pattern has continued in 2024.Last month,<a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-steps-down-replaced-by-chipotle-chief-2024-8"> Starbucks CEO Laxman Narasimham stepped down</a> after about 17 months in the job. His tenure was tainted by public criticism from longtime CEO Howard Schultz, falling sales, and pressure from activist investors.<div type="image" title="Laxman Narasimhan" height="583" width="1200" msid="113526664" hostid="261" sizebytes="96900"></div>That same month, Nestle's CEO was ousted after eight years in the job. One insider told Reuters that the board had become concerned about sales growth and slowing product development."There is a fresh lack of patience at the board level," Jim Rossman, global head of shareholder advisory at Barclays, told the news agency."With the COVID-19 pandemic behind us and some stronger economic data, there is plenty to judge a CEO's management abilities by and if they aren't performing they are out," he added.

It's a tough time in retail — and CEO heads keep rolling

Amid the ongoing geopolitical tension, the <keyword id="19904988" type="General" weightage="20" keywordseo="energy-sector" source="keywords">energy sector</keyword> will continue to face challenge while the <keyword id="20468174" type="General" weightage="20" keywordseo="consumer-goods" source="keywords">consumer goods</keyword>, automotive, healthcare is set to expand in 2025, highlighted a report 'Industry Outlook 2025' by <keyword id="20618515" type="General" weightage="100" keywordseo="Economist-Intelligence-Unit" source="keywords" meta.keywordsubtype="org" meta.entityname="Economist Intelligence Unit" meta.hostid="261" meta.entityid="Economist Intelligence Unit">Economist Intelligence Unit</keyword>. The report noted that the Fossil fuel markets will continue to face risks from geopolitical conflicts, particularly in the Middle East and Ukraine. However, investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> will remain strong, especially in China, as the world pushes toward cleaner and more sustainable energy sources. The report said "Fossil-fuel markets will continue to face <keyword id="20064250" type="General" weightage="20" keywordseo="geopolitical-risks" source="keywords">geopolitical risks</keyword> amid conflicts in the Middle East and Ukraine, but investment into renewables will remain strong, particularly in China." It also added that the financial sector faces a mixed outlook with falling interest rates anticipated to narrow bank profit margins, potentially leading to smaller dividend payouts for shareholders. Yet, regulatory easing could provide relief, with the Basel III endgame likely seeing further delays, softening the impact on banking institutions amid a challenging economic landscape. For the consumer goods and retailing the report added that the Global retail volumes are forecast to grow by 2.2 per cent in 2025, thanks to easing inflation. However, stricter regulations on online retailing will target high-volume, low-price retailers, to ensure fair competition and consumer protection. It said "Global retail volumes will expand by 2.2 per cent, helped by disinflation, but regulations around online retailing will tighten further" As per report, the <keyword id="20359760" type="General" weightage="20" keywordseo="automotive-sector" source="keywords">automotive sector</keyword> is set for a record year, it said "After a difficult few years, annual new-vehicle sales will reach a record 97.2m units in 2025. This includes a 2 per cent rise in new car sales, a 4 per cent increase in commercial vehicle sales, and a significant 16 per cent growth in <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword>, reflecting the sector's recovery and the shift toward cleaner mobility. In technology the report added more countries will adopt satellite internet, although the primary users will be enterprise clients, including military and maritime sectors. Amazon's Project Kuiper will challenge the existing market dominance of Starlink and EutelSat OneWeb, offering more competition and potential growth in satellite connectivity. The resulting tensions will continue to affect investment into production and market entry, with companies taking advantage of government incentives to build out more flexible supply chains. <keyword id="23684177" type="General" weightage="20" keywordseo="investment-in-technology" source="keywords">Investment in technology</keyword>, particularly artificial intelligence (AI), will also be strong as projects gather pace. However, technology companies will face pressure from several directions as regulations tighten (particularly in Europe), investors become more impatient for profits and their energy usage comes under more scrutiny.

Consumer goods, auto and healthcare sector to expand but energy may face challenge in 2025: Report

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/tesla-history-founders">Tesla's</a> cultlike following was on full display at its annual shareholder meeting on Thursday.</li><li>Fans wore Cybertruck shirts, signed shareholder banners, and cheered throughout the event.</li></ul>It's no secret that Elon Musk has a cultlike following — and that was on full display at <a target="_blank" href="https://www.businessinsider.com/elon-musk-pay-package-approved-tesla-shareholders-vote-results-2024-6">Tesla's annual shareholder meeting on Thursday</a>.<a target="_blank" href="https://www.businessinsider.com/elon-musk">Musk</a> mobilized his fan base to help push through <a target="_blank" href="https://www.businessinsider.com/elon-musk-pay-package-approved-tesla-shareholders-vote-results-2024-6">his $55 billion pay package</a>, and some of Tesla's biggest supporters scored invites to the annual meeting.<a target="_blank" href="https://www.businessinsider.com/tesla-texas-gigafactory-tour-elon-musk-shareholder-vote-pay-package-2024-5">Some also scored a factory tour with the CEO</a> — one of many tactics Tesla used to boost the number of retail shareholders who voted on proposals, including Musk's pay package and one for Tesla to move its state of incorporation from Delaware to Texas (which was also approved).<a target="_blank" href="https://www.businessinsider.com/tesla-robyn-denholm-what-happens-elon-musk-pay-plan-rejected-2024-6">Musk and Tesla's board did a full-court press</a> in the lead-up to the vote, and it seems to have worked.<a target="_blank" href="https://www.nytimes.com/2024/06/14/business/dealbook/elon-musk-pay-package-win.html">The New York Times' DealBook reported</a> that Tesla got a higher-than-usual number of retail investors to vote, and Musk's pay package passed with about 72% approval. Retail investors undoubtedly played a key role, but Tesla needed the support of some of its biggest institutional investors, like BlackRock and Vanguard, to get the pay package across the finish line.Vanguard was Tesla's largest outside investor to vote in favor of the pay package, <a target="_blank" href="https://www.reuters.com/business/autos-transportation/vanguard-vote-switch-helped-pass-tesla-ceo-elon-musks-56-billion-pay-package-2024-06-14">Reuters reported</a>. Vanguard's fund manager voted against the compensation package in 2018, the report said.<h2 id="1a983644-c903-44c6-8a19-70df8e7fd254">A triumphant atmosphere — and some dancing from Musk</h2>For Musk and Tesla fans who made the journey to Texas for the meeting, <a target="_blank" href="https://www.businessinsider.com/analyst-says-musk-vote-victory-signals-roses-and-rainbows-tesla-2024-6">the mood was celebratory</a>.Some wore Cybertruck shirts to the event, and others signed a large banner emblazoned with the words "Don't mess with Tesla retail shareholders." After it became official that shareholders had reapproved his enormous pay package, Musk danced his way onto the stage, jumping up and down to the crowd's cheers."I just want to start off by saying hot damn! I love you guys," Musk said.Thursday's vote made one thing crystal clear: For many of Tesla's retail shareholders, the feeling is mutual. Most of the questions posed to Musk during the Q&amp;A segment started with the shareholders singing their praises of the Tesla CEO.One shareholder started by saying, "We love you so much, Elon." Another said he moved to Texas thanks to Musk. One shareholder referred to him as "an absolute idol" and asked if Musk was taking care of his safety and health, because he cared about Musk as a person.Musk ate it up. The CEO was in high spirits and even agreed on the spot to make a change a shareholder proposed, offering to allow Tesla owners to transfer its Full Self-Driving package to new vehicles for one more quarter.<a target="_blank" href="https://www.businessinsider.com/tesla-employees-describe-intense-conditions-life-under-elon-musk-2018-8">Musk's tendency to make bold and ambitious promises</a>, even if they shift, is part of what excites his fan base. His ability to achieve seemingly impossible goals, like the ones entailed in his performance-based compensation plan, has clearly fueled loyalty and passion for his vision.

The cult of Elon Musk was on full display at Tesla's shareholder vote

<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

<ul><li>Iconik is a new <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading" source="Orion">trading</keyword> app that allows <keyword id="11948148" type="UNKNOWN" weightage="60" keywordseo="retail-investors" source="Orion">retail investors</keyword> to pool together their influence in activist campaigns.</li><li>The commission free trading service is seeking to tackle the fact that 88% of investors don't vote their shares.</li><li>Investors can start an activist campaign and pool together shares to increase their influence.</li></ul><a href="https://www.iconikapp.com/">Iconik</a> is a new commission-free trading app that allows investors to pool together their voting shares to exert more influence on companies, just like large activist investors and hedge funds.The app, which launched Wednesday, is trying to tackle the fact that 88% of investors don't vote their shares on issues like executive compensation, membership on boards of directors, and company strategy and direction.That's because it can be both complicated to do so, and because a single investor that owns just a few shares in a multi-billion or trillion dollar company has little impact on the voting results.But Iconik makes the process of investors voting their shares easier, and helps retail investors leverage their holdings in shareholder campaigns. The service also allows individual investors to create their own activist campaigns that others can attach their shares to.Iconik CEO Alex Thaler was inspired to create the service after the meme stock rally earlier this year in companies like <a href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> and <a href="https://markets.businessinsider.com/stocks/amc-stock">AMC Entertainment</a>."Most investors don't put much value in their voting rights, or even know they exist," he told <a href="https://www.nytimes.com/section/business/dealbook">DealBook</a> on Wednesday.But the meme stock rally showed that social media makes collective action among retail investors much easier today than it was in the past.The app is launching with two shareholder campaigns already lined up: one that demands <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a> shut down hate speech on its platform, and another that seeks to force <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan Chase</a> to stop lending to fossil-fuel companies. "Shareholder democracy is fundamentally broken. To ensure that our voices are heard, we must act collectively," Iconik's call to action reads.

A new trading app wants to give retail investors a voice in activist campaigns against big corporations

<ul class="summary-list"><li>Dollar General hasn't provided updates on a shareholder-endorsed audit of worker safety at its stores, an investor group says.</li><li>Now, the investor who proposed the audit is calling for action in a letter to the retailer's board of directors.</li></ul><a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.businessinsider.com/dollar-general-pays-1-million-settle-claims-overcharged-employees-checkout-2023-10">Dollar General</a> appears to have made little progress investigating working conditions at its stores after shareholders asked for an audit five months ago, according to the investor who proposed it.In May, <a target="_blank" href="https://www.businessinsider.com/dollar-general-investors-vote-to-investigate-worker-safety-at-stores-2023-5">Dollar General shareholders approved a proposal asking the company to audit worker safety</a> at its stores. Domini Impact Investments presented the proposal at the company's annual meeting. The proposal passed with the support of 67.7% of Dollar General investors. Founded by investment advisor Amy Domini, the fund invests in and pushes companies to consider their impact on society.But since the vote, Dollar General hasn't released any updates or even confirmed that it's begun the audit, Domini says in a letter to the company and shared exclusively with Insider."It is our understanding that Dollar General has not yet provided any explicit information, either publicly or to the proponents of the proposal, about the company's plans to conduct the audit and implement the majority-supported proposal," Mary Beth Gallagher, Director of Engagement at Domini, wrote in the letter this week to Michael Calbert, chair of Dollar General's board of directors. The letter was also signed by 33 other shareholders.The shareholders' requests "to meet with members of the Board of Director or management to discuss the company's plans for implementation of the proposal have been denied," Gallagher added.A Dollar General spokesperson said it has "a strong, ongoing shareholder engagement program and a well-documented track record of responsiveness to shareholder feedback."Dollar General has met with Domini, "including multiple calls with members of executive leadership," the spokesperson said.<h2>Domini and other investors are asking Dollar General to complete the audit that shareholders approved</h2>Domini has been asking Dollar General about what it's doing to improve worker safety at its stores for over a year, Gallagher told Insider in an interview. But the answers that it has gotten weren't satisfactory to the fund, she said, even as there were public signs that the situation was getting worse.Since 2017, <a target="_blank" href="https://www.businessinsider.com/dollar-general-paid-4-million-21-million-fines-owes-2023-7">Dollar General has attracted millions of dollars</a> in fines from US Occupational Safety and Health Administration, or OSHA, only a fraction of which it has actually paid. The issues that OSHA has found at the company's stores range from blocked emergency exits to an incident in North Dakota when Dollar General didn't give employees adequate protective equipment as they cleaned up a chemical spill.The issues were so numerous that Dollar General earned the "severe violator" designation from the Department of Labor in March, according to <a target="_blank" href="https://www.nytimes.com/2023/03/28/business/dollar-general-osha-fines.html">the New York Times.</a>The Dollar General representatives that Domini met with were dismissive of the "severe violator" label in meetings, Gallagher said. "It was almost as if they felt that they didn't belong on the OSHA list, or that the scrutiny was misplaced," she said.Domini's letter makes several recommendations to Dollar General for the audit. Among them: The retailer should pick an independent firm to conduct the audit, designate a board member to oversee it, "faciliate meaningful participation of employees," and make its findings and next steps public once the audit is complete."As we have shared with Domini and other shareholders, the Company plans to be responsive to the majority-supported shareholder request to 'commission an independent third-party audit on the impact of the company's policies and practices on the safety and well-being of workers' and publish a report on our website," a Dollar General spokesperson said."The Company has engaged a third-party with relevant expertise to conduct the audit, which is underway, with an expectation that the audit will be completed in sufficient time to publish a publicly available report prior to the 2024 annual shareholders' meeting," the spokesperson's statement continued. The spokesperson did not name the auditor.If Dollar General doesn't make progress on the audit, Domini would consider supporting board candidates who want to make the audit a priority at the company's 2024 annual meeting. "When we're voting on board members next year, we can think about 'Have they met our expectations for those of us who supported the proposal?'" she said.<h2>Dollar General's stores contain numerous hazards for workers, from blocked emergency exits to rodent infestations.</h2>Insider has previously reported on safety hazards at the retailer's stores. Some <a target="_blank" href="https://www.businessinsider.com/dollar-general-stores-closing-fire-code-violations-too-much-stuff-2023-2">Dollar General stores had aisles so cluttered with unpacked merchandise</a> that they were closed temporarily by fire marshals for blocking emergency exits and making it harder to evacuate in an emergency, Insider reported in February.One <a target="_blank" href="https://www.businessinsider.com/photos-show-rat-chewed-on-food-texas-dollar-general-store-2023-7#:~:text=One%20user%20posted%20a%20video,contamination%2C%20according%20to%20the%20video.">Dollar General in Texas had a rat problem</a>, with rodents chewing through bags of pet food and leaving fecal matter on the storage room. A local health inspector suspended the store's food permit, citing the "strong odor of decay" at the location, until management took care of the issue.And in August, <a target="_blank" href="https://www.insider.com/floirida-shooter-hated-black-people-swastika-painted-on-ar-15-2023-8?_gl=1*xok6i0*_ga*MTMyMjE5MjE0Ny4xNjk4MzIyOTg1*_ga_E21CV80ZCZ*MTY5ODkzNDM3OC4zNS4xLjE2OTg5MzY0MDYuNDUuMC4w">one Dollar General employee</a> and two patrons, all black, were killed by a white gunman with a swastika on his firearm in Jacksonville, Florida. Domini's letter cites the killings as an example of the "frequent incidents of violence" at Dollar General's stores.At Dollar General's annual meeting, store employee David Williams cited rat infestations and threats of gun violence among the dangers he faced while working at one of the company's stores. Williams introduced Domini's resolution on behalf of the fund during the meeting.<a target="_blank" href="https://www.businessinsider.com/dollar-general-takes-action-messy-overstocked-stores-marks-down-items-2023-8">Dollar General is taking millions of dollars in inventory write-downs</a> and sending special teams of employees to clean up the most merchandise-logged stores, executives said during the company's latest earnings call. There was no mention of direct efforts to improve safety for employees.The lack of action on safety at the chain's stores is a concern for many Dollar General shareholders, Gallagher told Insider. Many investors were persuaded to vote for an audit in light of the mounting citations from OSHA, she said. "The financial risk that's associated with that is also significant," she said.Investors saw the state of worker safety as an impediment to Dollar General's growth plans. The retailer is close to opening its 20,000th store and has at least <a target="_blank" href="https://www.businessinsider.com/montana-store-puts-dollar-general-in-all-48-contiguous-states-2023-10">one location in each of the 48 contiguous states.</a> By the end of 2023, it plans to open 990 new stores.But some <a target="_blank" href="https://www.businessinsider.com/dollar-general-developer-sued-michigan-town-to-get-approval-store-2023-7">communities are fighting Dollar General's planned stores,</a> and working conditions are among the reasons."If they want to continue to grow, they need to be welcome in communities," Gallagher said of the chain.Do you work at Dollar General and have a story idea to share? Reach out to this reporter at abitter@insider.com

Dollar General hasn't investigated worker conditions despite shareholders' demands, an investor says in a new letter to company        

<ul class="summary-list"><li>Top retailers in recent quarters have complained of the costs of "shrinkage."</li><li>It's a phenomenon that includes theft ranging from small-time shoplifting to bigger retail crime schemes. </li></ul>Retailers in recent quarters say they're losing big money as inventory gets snatched from shelves. The phenomenon of "retail shrinkage" has caught the attention of Wall Street investors, who have probed the issue, but are likely not nearly as concerned about it as they should be, an expert told Business Insider. Shareholders have likely heard of retail shrinkage – a term that encompasses all types of inventory loss, including loss stemming from small-time shoplifting and <a href="https://www.insider.com/florida-pastor-accused-of-running-organized-retail-crime-ring-2023-10">multimillion retail crime schemes</a> – but are probably still more focused on more standardly reported figures. But <a href="https://www.businessinsider.com/retailers-lost-112-billion-to-inventory-shrink-in-2022">shrinkage is a big deal</a>, and growing. It accounted for $112 billion lost by retailers in 2022, the National Retail Federation said in <a href="https://cdn.nrf.com/sites/default/files/2023-09/NRF_National_Retail_Security_Survey_2023.pdf" target="_blank" rel="noopener">recent report</a>, and around $41 billion of that loss was from shoplifting. A handful of retailers, including <a href="https://www.businessinsider.com/why-target-costco-have-wildly-different-experiences-with-theft-2023-9">Target</a>, have warned they expect inventory loss to have gotten even worse this year. In May, the company estimated it was on track to lose around half a billion more this year from shrinkage, implying around $1.3 billion lost in 2023."I think it is a problem, and it's starting to have a tangible impact on performance, especially in terms of profitability," Neil Saunders, the managing director of GlobalData's retail consulting unit, told Business Insider. "I think investors should be concerned about it."Even for concerned investors though, hard data on the phenomenon and its costs are hard to come by. Companies are tight-lipped over how much they're losing, and rarely ever issue concrete guidance over how much they expect shrink to impact earnings, especially when it comes to theft. "They might say, [theft] is actually getting better or improving," Saunders said. "But you never really know the extent of it because it's not quantified."Some data like profit margins and costs can offer clues to just how much shrinkage has impacted businesses. When picking retailers less susceptible to theft, investors can look at stores that have a large shop floor presence, such as Best Buy and the fortress-like Costco, which tends to deter shrink from theft. Theft is likely to increase into the holiday season. As stores load up on inventory and draw huge crowds of customers, it'll be easier for shoplifters to go by unnoticed, Saunders said. It could add to the barrage of other pressures retailers are facing into the end of the year, especially as questions arise over how much gas US consumers have left in the tank amid higher borrowing costs and depleted pandemic savings. "I don't think there are any signs [shrink] is coming down," Saunders warned. "It's part of a cocktail of issues that retail is currently facing."

Investors should be more worried about America's shoplifting problem, retail expert says

<ul class="summary-list"><li>Meme stock investor Ryan Cohen will have to face a lawsuit from Bed Bath &amp; Beyond shareholders.</li><li>Investors claimed Cohen's use of the smiling moon emoji constituted securities fraud.</li></ul>Ryan Cohen will have to face a securities fraud lawsuit from Bed Bath &amp; Beyond shareholders, as the meme-stock hero's use of a single emoji could hold him liable for securities fraud, a federal judge ruled last week.Shareholders filed a suit against Cohen after the Gamestop executive chairman sold his shares of Bed Bath &amp; Beyond during a rally for the meme stock last year, <a href="https://markets.businessinsider.com/news/stocks/ryan-cohen-bed-bath-beyond-meme-stock-options-gamestop-profit-2022-8">bagging a $68 million profit</a> before the stock price tanked again. A week before selling his shares, Cohen <a href="https://twitter.com/ryancohen/status/1558101541453795329" target="_blank" rel="noopener">responded</a> to a CNBC story of Bed Bath &amp; Beyond that had a picture of a woman pushing a shopping cart at the store, tweeting, "At least her cart is full," followed by a smiling moon emoji. "In the meme stock 'subculture,' moon emojis are associated with the phrase 'to the moon,' which investors use to indicate that a stock will rise,'" Washington DC district judge Trevor McFadden said in a ruling last Thursday. "So meme stock investors conceivably understood Cohen's tweet to mean that Cohen was confident in Bed Bath and that he was encouraging them to act." Cohen had attempted to the dismiss the lawsuit, but emojis are liable to the same degree as words if they express the same ideas, the ruling said."A fraudster may not escape liability simply because he used an emoji," McFadden added. The lead attorney representing Cohen's venture capital firm in the case did not respond to Insider's request for comment.Cohen purchased the shares of the now-bankrupt retailer when the price of the stock was in the range of $13-$17, according to Securities and Exchange Commission filings, and sold his entire stake when the stock price jumped to $30 in August. Shortly after Cohen's sale, the stock plummeted to just $0.30 per share.Bed Bath &amp; Beyond shares traded at $0.29 on Monday, down 99% from their record price of $80.48 a share.Cohen said he sold the stock because his "views of the business clearly changed," but the iconic home goods retailer has been struggling for years, and faced poor prognosis from Wall Street analysts. The <a href="https://www.businessinsider.com/bed-bath-and-beyond-rise-and-fall-photos-2020-1">company filed for bankruptcy</a> in April of this year after several <a href="https://markets.businessinsider.com/news/stocks/bed-bath-and-beyond-surges-120-1-billion-share-sale-2023-2">last-ditch attempts</a> to raise more cash and turn the business around.

Meme-stock hero Ryan Cohen faces Bed Bath & Beyond shareholder lawsuit over emoji-fueled rally

<ul class="summary-list"><li><keyword id="6358378" type="ORGANIZATION" weightage="60" keywordseo="amc">AMC</keyword> canceled a vote to authorize the sale of up to 25 million more shares, SEC filings show. </li><li id="recirc"><a href="https://www.businessinsider.com/?hprecirc-bullet"></a>AMC CEO Adam Aron tweeted that many shareholders had come out against the proposal. </li><li>Shares of AMC jumped as high as 5.9% after the opening bell on Tuesday.</li></ul><a href="https://markets.businessinsider.com/stcok/amc">AMC</a> canceled a proposal that would have asked its shareholders to allow the movie theater chain to issue up to 25 million more shares, <a href="https://www.sec.gov/Archives/edgar/data/0001411579/000110465921089168/tm2121467d3_defa14a.htm">SEC filings</a> show. <a href="https://twitter.com/CEOAdam/status/1412376829688680453?s=20">CEO Adam Aron tweeted</a> on Tuesday that AMC would not proceed with the vote, and added that the movie theater operator will not make any more share increase requests in 2021."It's no secret I think shareholders should authorize 25 million more AMC shares. But what YOU think is important to us. Many yes, many no," Aron tweeted, alongside an image with the phrases "I see you, I hear you, I value you."The share increase was one of five proposals on the agenda during AMC's upcoming annual meeting of stockholders.The Board of Directors indicated they were for the share increase, and CEO Adam Aron said last month that the increase would be an important tool to strengthen the company. Reddit users in the r/AMCstock channel cheered the movie theater chain's decision to cancel the vote. Many speculated that AMC canceled the vote because so many shareholders had already voted against it."He did it! Adam Aron fu**in took the one thing that was dividing apes and squashed it! KING SILVER BACK BABY!!!!!," <a href="https://www.reddit.com/r/amcstock/comments/oetawm/oh_shit_amc_just_removed_the_25_million_share/h48ajfy?utm_source=share&amp;utm_medium=web2x&amp;context=3ontext=3">one user commented</a>, referring to Aron's nickname among retail investors on Reddit. Shares of AMC jumped as high as 5.9% after the Tuesday opening bell.AMC's annual meeting of stockholders will take place on July 29 at 2 p.m. central time. Proposals still on the agenda include re-electing certain board directors, approving the appointment of Ernst &amp; Young as independent auditors, approving a non-binding vote on the compensation of executive officers, and voting on the ability to adjourn the stockholders meeting if necessary.

AMC cancels vote on the sale of 25 million new shares after investors diverge from CEO and rally against it

<ul class="summary-list"><li>The activist group that won two board seats at Exxon last month is launching an <keyword id="6357062" type="DEFINITION" weightage="60" keywordseo="ETF">ETF</keyword>.</li><li>The fund is explicitly aimed at retail investors, and will vote on corporate matters related to <keyword id="77363" type="ORGANIZATION" weightage="60" keywordseo="ESG">ESG</keyword> goal.</li><li>The new ETF comes as the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword> is evaluating its role in regulating the growing universe of ESG investments.</li></ul><keyword id="11501625" type="UNKNOWN" weightage="60" keywordseo="engine-no-1">Engine No. 1</keyword>, the activist group that fomented a coup against Exxon and won two seats on the board of the oil giant last month, announced an ETF designed to exert ESG pressure on corporate management of the 500 biggest American companies.Engine No. 1 said the ETF, trading under the ticker VOTE, will seek to passively replicate a Morningstar large-cap index while offering a near-zero expense ratio, much like other low-cost index funds. The twist is that VOTE will actively wage shareholder campaigns against corporate management on ESG issues."There shouldn't be a trade-off between positive impact and financial performance," said Yasmin Dahya Bilger, Engine No. 1's head of ETFs, in a statement. "VOTE will be a unique solution to this long-time concern, enabling index investors the ability to generate long-term value while bringing action to the most critical environmental, social, and governance issues facing these companies."The fund is explicitly aimed at retail investors, both with its 0.05% expense ratio and its crusading pitch for ESG goals. The ETF has a $100 million initial investment and backing from robo-advisory firm Betterment.In May, Engine No. 1 won a <a href="https://markets.businessinsider.com/news/stocks/activist-investor-small-exxon-stake-ousts-2-board-members-2021-5-1030468630">milestone victory</a> against Exxon, rallying shareholders to secure two of four director seats against the oil giant's wishes. The activists owned a minuscule fraction of Exxon stock, but won over big shareholders like Blackrock with a climate-focused push.The new ETF comes as the SEC is evaluating its role in regulating the ever-expanding universe of ESG investment products. In a speech on Tuesday, Commissioner Elad Roisman said calls for the SEC to standardize ESG disclosures may be premature."I worry that by stepping in to promulgate a static list of ESG disclosure requirements, the SEC would displace a good amount of this private sector engagement and freeze disclosures in place prematurely," he said."The proliferation of ESG disclosure frameworks suggests that the standards have not yet settled."

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