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Walmart Releases Results From Virtual Business, Shareholders’ Meeting

Walmart shareholders

Walmart Inc. recently announced shareholder voting results for its Formal Business and Annual Shareholders’ Meeting, which was conducted virtually due to public health risks with COVID-19. Approximately 91.7 percent of all outstanding shares were represented at the meeting.

“In terms of our response to the COVID-19 pandemic, we are grateful to our associates from around the world,” said Doug McMillon, Walmart president and CEO, during the meeting. “They are stepping up to serve our customers, communities and shareholders. Our plan is to continue finding ways to help and serve. We’re thankful to have a strong and well-positioned business from which to do so.”

The company reported that shareholders approved the election of each of Walmart’s 11 director nominees, with each director nominee receiving affirmative votes from approximately 96.5 percent or more of the shares voted, excluding abstentions and broker non-votes. Below are the percentages, rounded:

Cesar Conde: 99.7; Timothy P. Flynn: 99.3; Sarah J. Friar: 99.7; Carla A. Harris: 99.1; Thomas W. Horton: 96.7; Marissa A. Mayer: 99.3; C. Douglas McMillon: 99.3; Gregory B. Penner: 96.5; Steven S. Reinemund: 98.3; S. Robson Walton: 97.0; and Steuart L. Walton: 97.1.

Shareholders voted to approve, on a non-binding, advisory basis, the compensation of Walmart’s named executive officers described in Walmart’s 2020 proxy statement, with approximately 94.3 percent of the participating shares voting in favor of this proposal. The board of directors had recommended a vote for this proposal.

Shareholders also ratified the appointment of Ernst & Young LLP as Walmart’s independent accountants, with affirmative votes from approximately 98.5 percent of the participating and entitled shares. The Board of Directors had recommended a vote for this proposal.

In addition, shareholders voted to approve an Amendment to the ASDA Sharesave Plan, making available an additional 10 million shares to be available for issuance under the plan, with approximately 98.1 percent of the participating shares voting in favor of this proposal. The board of directors had recommended a vote for this proposal.

The board of directors had recommended a vote against each of the four shareholder proposals, and each proposal failed to receive affirmative votes from a majority of the total participating and entitled shares represented at the meeting. The following proposals did not pass:

  • Request to report on impacts of single-use plastic bags: Approximately 17 percent of the participating shares that were entitled to vote.
  • Request to report on supplier antibiotics use standards: Approximately 3.8 percent of the participating shares that were entitled to vote.
  • Request to include hourly associates as director candidates: Approximately 1.9 percent of the participating shares that were entitled to vote.
  • Request to report on strengthening prevention of workplace sexual harassment: Approximately 13.2 percent of the participating shares that were entitled to vote.

The official voting results for each item voted on by shareholders will be disclosed in a report to be filed Friday, June 5, with the Securities and Exchange Commission.

Walmart is based in Bentonville, Arkansas.

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