ROGERS, Ark.--(BUSINESS WIRE)--Walmart Inc. (NYSE:WMT) today announced shareholder voting results for its Formal Business and Annual Shareholders’ Meeting. Approximately 93.44 percent of all outstanding shares were present or represented by proxy at the meeting.
During the business meeting, Walmart President and CEO Doug McMillon commented, “We had an exciting year. We’re moving faster, getting stronger and we have good momentum throughout the business. This is a dynamic time to be in retail and opportunities are emerging to serve customers in new ways, so we are moving with speed to bring them to life. We continue to be strategic and thoughtful about our portfolio. At the same time, we manage our business to deliver results today. We are making big changes and they are the right changes to deliver long-term growth.”
The company reported that shareholders approved the election of each of Walmart’s 11 director nominees. Each director nominee received affirmative votes from approximately 94.77 percent or more of the shares voted, excluding abstentions and broker non-votes, as follows (all percentages are rounded to the nearest 1/100 of 1 percent):
|Stephen J. Easterbrook||99.82|
|Timothy P. Flynn||99.35|
|Sarah J. Friar||99.82|
|Carla A. Harris||96.64|
|Thomas W. Horton||99.30|
|Marissa A. Mayer||96.12|
|C. Douglas McMillon||99.46|
|Gregory B. Penner||97.45|
|Steven S Reinemund||95.56|
|S. Robson Walton||94.77|
|Steuart L. Walton||97.77|
Shareholders voted to approve, on a non-binding, advisory basis, the compensation of Walmart’s named executive officers described in Walmart’s 2018 proxy statement, with approximately 90.60 percent of the shares present in person or represented by proxy 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 98.91 percent of the shares that were present in person or represented by proxy at the meeting and entitled to vote.
The Board of Directors had recommended a vote against each of the two shareholder proposals, and each proposal failed to receive affirmative votes from a majority of the total shares that were represented at the meeting and entitled to vote and, accordingly, they did not pass. A third shareholder proposal was presented from the floor at the meeting and it also did not receive a majority of the shares represented and voted at the meeting. The approximate percentages of the shares present or represented by proxy at the meeting that were voted in favor of each of the shareholder proposals are as follows:
- Request to adopt an independent chairman policy: Approximately 16.09 percent of the shares that were present or represented by proxy at the meeting and entitled to vote.
- Request for report on racial or ethnic pay gaps: Approximately 6.76 percent of the shares that were present or represented by proxy at the meeting and entitled to vote.
- Request regarding share repurchase program and distribution of shares to U.S. Associates: Less than 0.01 percent of the shares that were present or represented by proxy at the meeting and entitled to vote.
The official voting results for each item voted on by shareholders will be disclosed in a report to be filed next week with the Securities and Exchange Commission.
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, nearly 270 million customers and members visit our more than 11,700 stores under 65 banners in 28 countries and eCommerce websites. With fiscal year 2018 revenue of $500.3 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting http://corporate.walmart.com , on Facebook at http://facebook.com/walmart and on Twitter at http://twitter.com/walmart.