Rapidly Growing Startup Moves Advocates for Underserved, Under-represented Gig Workers by Taking Message to Shareholders
Gig Economy Innovator Moves Uses Shareholder Rights to Get Gig Workers Heard at Uber
NEW YORK–(BUSINESS WIRE)–Moves, an innovative financial services company designed to serve the needs of U.S. gig workers, today announced it has engaged in a conversation with Uber to elevate the unique challenges faced by multi-app gig workers.
The collaboration comes after Moves submitted a shareholder proposal to Uber that requested the company add an independent director to its Board with direct personal understanding of platform work experience. The proposal acknowledged the three stakeholders in the gig economy – the company (Uber and stockholders), the consumer (customers), and the worker (drivers), noting that while Uber has given the company and consumers undue priority, the needs of drivers have not been addressed.
The proposal was withdrawn after Uber agreed to include the topic of multi-app gig worker well-being in its 2022 Environmental, Social and Governance (ESG) reporting and to add a formal agenda item at periodic Board meetings dedicated to earner experience. Awareness of the unique challenges faced by those earning income on multiple apps is a key win for millions of gig workers, including the 81% of Moves members who use more than one gig app as a source of income.
“We heard from hundreds of gig workers who use multiple apps a day to earn income about their challenges in the gig economy,” said Matthew Spoke, CEO of Moves. “From bathroom access to gas prices and dental coverage, there is a long list of problems that need to be understood and addressed by companies like Uber. We believe that empathy for gig workers through first-hand experience was missing at the Board of Directors. This is why we submitted a shareholder proposal to add a director with personal experience earning income in the gig economy and ultimately led to our engagement on multi-app gig worker well-being.”
Moves is the all-in-one financial app built exclusively for gig workers. Moves’ members across 50 states manage their money better while earning free shares in the companies they work for.
Many of Moves’ users are Uber shareholders through The Moves Collective, a radically new and mold-busting service that enables gig workers in the U.S. to earn shares in the enterprises that they power. The Collective enables more shareholders, who can use their rights to advocate for underrepresented gig workers. The Moves Collective now holds more than 4,500 shares in Uber, along with shares in Lyft, Grubhub, Doordash, Target and Amazon.
You can learn more on Uber’s 2022 Proxy Statement.
About Moves
Moves is the all-in-one financial app built exclusively for gig workers. Moves’ members can manage their money better while earning free shares in the companies they work for. Learn more about the Moves Vision.
Moves is headquartered in Toronto with a world-class team of 35, who aspire each day to improve the gig economy for its workers. The team is led by CEO Matthew Spoke.
Moves Financial is a financial technology company and is not a bank. Banking services are provided by Blue Ridge Bank N.A; Member FDIC. The Moves Financial Visa® Debit Card is issued by Blue Ridge Bank N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Cash advances are provided by Moves Financial, not Blue Ridge Bank N.A.
Brokerage services and products are provided through Bumped Financial LLC, member FINRA/SIPC. More about Bumped Financial LLC is available on FINRA’s BrokerCheck. Mention of any specific stock or holding is for illustrative purposes only and not an investment recommendation. This is not an offer to buy or sell securities, or to open an account where Bumped Financial LLC isn’t registered. The Bumped app and website are operated by Bumped, Inc. Bumped Financial is a wholly owned Subsidiary of Bumped, Inc. Moves is not an affiliate or subsidiary of Bumped, Inc. or Bumped Financial.
Investing in securities involves risk, including possible loss of principal: Not FDIC Insured • No Bank Guarantee • May Lose Value. Past performance is not a guarantee of future results. Neither Moves nor Bumped financial offers investment advice. Accounts are self directed. Individual investors should consider the risks and benefits associated with any investment or strategy and weigh potential benefits of investing against the risks associated with any investment. Risks include loss of the total value of the investment.
Accumulation of collective voting shares is not a consideration when determining the appropriateness of owning a particular stock. Investors should prioritize their individual investment objectives and personal investment considerations when deciding whether to buy, hold, or sell any security. Individual investors should consider the merits of a particular investment as it relates to their individual investment goals, overall financial situation, and appetite for risk.
Contacts
Samuel Pajot-Phipps, VP Growth & Operations
[email protected]
