Nike failed to gain the SEC’s endorsement on the company’s bid to toss a shareholder proposal seeking annual disclosures on diversity and inclusion efforts.
The sportswear manufacturer argued that it could exclude the proposal from a vote at its annual meeting in September.
Securities and Exchange Commission staff didn’t agree with the company’s argument, the agency said on its website Monday.
Agency staffers didn’t elaborate on their disagreement with Nike, but they can recommend that the commission bring an enforcement against a company that improperly excludes a proposal from its proxy materials.
The SEC lets a company keep a shareholder ...