Membership The Audit Committee shall consist of at least three directors as determined by the Board. The Committee members shall meet the independence, financial literacy, and other requirements of the NYSE and all other applicable rules, regulations, and statutes.
Share via Email Nike employees continue to face poverty, harassment, dismissal and violent intimidation despite its pledge three years ago to improve conditions for the ,strong global workforce. A new report, Still Waiting For Nike To Do It, published by the San Francisco-based Global Exchange, says Nike workers still toil for excessive hours in high-pressure work environments while not earning enough to meet the basic needs of their children.
The report's findings will further embarrass a company already discredited by consumer groups for exploitation of labour.
In Nike was severely embarrassed when a US magazine featured a photograph Nike report a young Pakistani boy sewing together a Nike football. The following year it was revealed that workers in one of its contracted factories in Vietnam were being exposed to toxic fumes at up to times the Vietnamese legal limit.
Still Waiting For Nike To Do It follows up the various promises made three years ago by Phil Knight, the company's chairman, to overhaul appalling conditions faced by the Nike workforce.
Standing before the American National Press Club in Washington DC, Knight told journalists and trade union activists that he personally would ensure an improvement in conditions at Nike factories around the world.
He promised six main improvements: The Global Exchange report concludes, however, that the projects Knight announced have been of 'little benefit to Nike workers' or 'have helped only a tiny minority, or else have no relevance to Nike factories at all'.
And while the report's authors find that 'the education programme has ex-panded, wages paid in Nike factories are so low that the great majority of workers cannot afford to give up overtime income in order to take one of the courses'. The study also indicates that in many Nike factories the employees are still being coerced into working up to 70 hours per week and are being humiliated in front of other workers or threatened with dismissal if they refuse to do the extra work.
Knight last week discounted the report and said Nike had done more than any similar company to make sure that its workers were treated fairly.
The negative publicity - at odds with the company's sleek designs and 'Just Do It' slogan - has seen the sales of its trainers plummet.
In February, Nike issued a report confessing the company's role in facilitating worker exploitation. It uncovered the exchange of sexual favours for jobs at factories in Indonesia.
The company - which sponsors sports celeb rities such as Michael Jordan and Tiger Woods - revealed that 30 per cent of the employees interviewed at Nike franchises in Indonesia had been abused verbally.
Jason Mark, of Global Exchange, said: Nike says they can't find a formula because it's different for every country.
It's an assumption that's convenient for them, because it allows them to pay lower wages.According to a report today over at the Sports Business Journal, Major League Baseball is about to enter into an agreement with Nike to be the official on-field uniform provider for the league’s.
Nike (NYSE:NKE) reported fiscal third-quarter results Tuesday after the bell. And though things didn't quite go as well as planned, by most measures the athletic footwear and apparel. 11 Hours Ago. Less than a year after taking the helm as CEO of Chipotle Mexican Grill, Brian Niccol is still scoring big with investors, fueling the burrito chain's best year since The company takes its name from Nike, the Greek goddess of victory.
Nike is famous for its 'Swoosh' logo as well as its "Just Do It" slogan.
Nike markets its products under its own brand, as well. Experience sports, training, shopping and everything else that's new at Nike from any country in the world. To review NIKE’s Annual Report to be filed with the SEC on Form K, and recommend to the Board that the audited financial statements be included in the Form K.
To direct the preparation of and approve the Audit Committee Report for inclusion in the annual Proxy Statement that summarizes the Committee’s activities in compliance with.