(Thursday 25th March) Commenting on the result of the Living Wage resolution filed by The Shareholder Commons against Walgreens Boots, Dan Howard, Head of Good Work at ShareAction said:

“Investors have chosen to vote against guaranteeing all Boots and Walgreens staff a Living Wage from day one of their employment.

“This is extremely disappointing given the backdrop of the growing numbers of people struggling to afford basic goods and heating their homes.

“Shareholders urgently need to take responsibility for protecting workers from widening inequality, which poses significant risks to investor returns in the long run.”

Sara Murphy, Chief Strategy Officer at The Shareholder Commons, said: “While we’re waiting to learn the outcome of this one proposal, we know investors are increasingly realizing that their clients and beneficiaries pay the price when portfolio companies underpay their workers.

“A growing body of asset owners and managers understand that stewardship for a living wage is a necessary element of diversified portfolio value optimization.”

Notes to editors

The resolution was tabled by The Shareholder Commons, who advocate for environmental and social issues from the perspective of shareholders. The text can be read in full here.