A longtime push by Netflix Inc. investors for more democratic practices at the streaming-video pioneer reached new heights at the company’s annual meeting this year.
Netflix investors have been voicing their discontent with the company’s corporate governance for years. Institutional Shareholder Services, the influential proxy advisory firm also known as ISS, noted in its research report about the company that since 2012, Netflix shareholders have passed more than 20 resolutions, “the vast majority of which have not been implemented.”
Withholding votes from board directors “is not something we do very often, certainly not at companies of this scale and prominence,” Bailey added. But he called it an “escalation step to signal our disappointment.” The company can do this because it has a plurality voting standard for board directors, something shareholders have tried but failed to change in the past few years. The ISS notes: “Netflix has consistently acknowledged that its corporate governance structure is unconventional. The board asserts that this has provided the board and management ‘the freedom to be forward-thinking.'”
Bailey called it “even more egregious” that Netflix shareholders remain mostly powerless considering the company does not have a dual-class stock structure, like other companies whose founders have majority control.
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