Today, Walmart disclosed the voting results of its Annual Shareholders’ Meeting, held virtually. Approximately 91% of all outstanding shares were represented at the meeting.
Greg Penner, Chairman, expressed gratitude to Rob Walton, who retired effective today after more than 40 years of service on the Walmart Board of Directors, emphasizing Walton’s positive impact on associates and customers worldwide.
Doug McMillon, President, and CEO, highlighted the company’s strong performance as a people-led, tech-powered omnichannel retailer. He expressed confidence, stating, “We continue to believe we can grow sales, grow profit faster than sales while delivering low prices and investing in our associates and improve our return on investment.”
The company reported that shareholders approved the election of all 11 director nominees, including Brian Niccol, Chairman, and CEO of Chipotle Mexican Grill, with each receiving affirmative votes from 94% or more of the shares voted.
Shareholders also approved, on a non-binding advisory basis, the compensation of Walmart’s named executive officers as described in Walmart’s 2024 Proxy Statement, with approximately 92.3% of participating shares voting in favor, as recommended by the Board of Directors.
Furthermore, shareholders ratified the appointment of Ernst & Young LLP as Walmart’s Independent Accountants, with approximately 98.2% of the shares voted in favor, also recommended by the Board.
During the meeting, an advance notice proposal and seven shareholder proposals were presented but failed to receive affirmative votes from a majority of the total shares voted, and therefore did not pass.
Here are the results of the shareholder proposals:
- Jorgen Harmse – WALPAC advance notice proposal: Received less than 0.01% of the shares voted.
- Publication of Targets for Transitioning from Gestation Crates in Pork Supply Chain: Received approximately 12.5% of the shares voted.
- Racial Equity Audit: Received approximately 15.4% of the shares voted.
- Human Rights Impact Assessments: Received approximately 11.5% of the shares voted.
- Set Compensation Policy that Optimizes Portfolio Value for Company Shareholders: Received approximately 4.4% of the shares voted.
- Report on Respecting Civil Liberties: Received approximately 0.5% of the shares voted.
- Workplace Safety & Violence Review: Received approximately 19.1% of the shares voted.
- Corporate Financial Sustainability Report: Received approximately 0.4% of the shares voted.
The official voting results for each item will be disclosed in a report to be filed with the Securities and Exchange Commission.
