Nike shareholders have rejected a proposal calling for greater transparency over its climate targets, despite the resolution winning backing from Norway’s $2tn sovereign wealth fund.

The proposal urged Nike to provide more detail on how it plans to meet its emissions-reduction targets.

Nike has previously committed to cutting carbon emissions from its own operations by 65 per cent and reducing supply chain emissions by 30 per cent by 2030.

It said in its fiscal 2024 update that emissions across its supply chain had fallen 11 per cent compared with a 2015 baseline.

However, Green Century Capital Management, which introduced the shareholder proposal, argued investors needed greater clarity over how Nike intends to deliver on its longer-term goals.

Norway’s sovereign wealth fund, which is Nike’s 11th-largest shareholder according to LSEG data, backed the resolution ahead of the company’s annual meeting.

Nike’s board had urged investors to vote against it, maintaining that the business remained committed to cutting greenhouse gas emissions and that management was best placed to determine appropriate targets and reporting.

Nike did not disclose the final voting figures. Shares in the company have fallen around 40 per cent so far this year.

Nike’s sustainability reporting has also attracted scrutiny.

Its 2024 impact report outlined initiatives including the use of recycled polyester and rubber and efforts to help suppliers switch to renewable energy, while its subsequent disclosure placed greater emphasis on emissions and waste data.

Alongside the climate resolution, Nike shareholders approved the company’s executive pay proposals.

Hill received more than $36m in total compensation for the 2026 financial year, despite Norway’s wealth fund and proxy advisers Glass Lewis and Institutional Shareholder Services recommending investors vote against the pay package.

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