Walmart Inc. (NYSE: WMT) today announced shareholder voting results for its Annual Shareholders’ Meeting, which was conducted virtually. Approximately 90.3 percent of all outstanding shares were represented at the meeting.
During the business meeting, Walmart President and CEO Doug McMillon provided a business update, sharing, “During the last fiscal year, we generated record sales of $560 billion in constant currency. That’s an increase of more than $40 billion in one year. We have the people and the assets to succeed in the next generation of retail and we are building for that future. The best way to create a valuable company is to build for the long term, manage the short term, and serve all relevant stakeholders. Walmart is doing that, and we will continue to. We see many opportunities in front of us.”
McMillon also spoke on the company’s work during the pandemic and efforts around racial justice, commenting, “The world looks different than it did a year ago. There is still a lot of uncertainty, but there are reasons for optimism. To combat the pandemic, our associates stepped-up and put in place measures that enabled us to operate safely. This included a 3-tier leave policy, reduced operating hours, enhanced cleaning, installation of plexiglass at registers and in our pharmacies, customer metering and other efforts. We’ve also continued work to improve racial justice and equity. Our percentage of African American and Black officers is increasing. Our transparency is up. We’re now reporting, in greater detail, our diversity metrics twice a year. As these various efforts were underway, we did not let up on other areas that are important to us, including the support of US manufacturing. In September of 2020, we went further on our commitment to the environment, by announcing our aspiration to become a regenerative company.”
The company reported that shareholders approved the election of each of Walmart’s 12 director nominees. Each director nominee received affirmative votes from approximately 97.5 percent or more of the shares voted, excluding abstentions and broker non-votes, as follows (all percentages are rounded):
|Timothy P. Flynn||99.4%|
|Sarah J. Friar||97.5%|
|Carla A. Harris||98.6%|
|Thomas W. Horton||98.7%|
|Marissa A. Mayer||99.1%|
|C. Douglas McMillon||99.5%|
|Gregory B. Penner||98.3%|
|Steven S Reinemund||97.9%|
|Randall L. Stephenson||99.0%|
|S. Robson Walton||99.2%|
|Steuart L. Walton||99.4%|
Shareholders voted to approve, on a non-binding, advisory basis, the compensation of Walmart’s named executive officers described in Walmart’s 2021 proxy statement, with approximately 95.0 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 98.4 percent of the participating and entitled shares. The Board of Directors had recommended a vote for this proposal.
The Board of Directors had recommended a vote against each of the five shareholder proposals, and each proposal failed to receive affirmative votes from a majority of the total participating and entitled shares that were represented at the meeting and, accordingly, did not pass.
- Report on Refrigerants Released from Operations: Received approximately 5.5 percent of the participating shares that were entitled to vote.
- Report on Lobbying Disclosures: Received approximately 22.1 percent of the participating shares that were entitled to vote.
- Report on Alignment of Racial Justice Goals and Starting Wages: Received approximately 12.5 percent of the participating shares that were entitled to vote.
- Create a Pandemic Workforce Advisory Council: Received approximately 11.3 percent of the participating shares that were entitled to vote.
- Report on Company’s Involvement with Business Roundtable “Statement on the Purpose of a Corporation”: Received approximately 2.3 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 with the Securities and Exchange Commission.