After the Walmart annual meeting in June, three of the company’s directors will be stepping down from their positions. The exit of Jim Breyer, Michele Burns, and Arne Sorenson will leave Walmart’s Board of Directors will be even weaker and more compromised than it already was.
Last May, in the days leading up to Walmart’s annual meeting/extravaganza, the New York Times observed that Walmart lead independent director Jim Breyer, a partner at venture capital firm Accel Partners, was severely overextended, raising concerns about his commitment and ability to meet his directorship responsibilities. On top of his work at Accel, he was a director at five public companies, four of which were experiencing major scandals or troubles. Last spring, proxy advisory firm Pension & Investment Research Consultants even recommended that Walmart shareholders vote against re-electing him, dryly stating: “There are concerns over his aggregate time commitments.”
WALMART IN 2012:
From guest blogger Kurt Scott:
This afternoon, Walmart wrapped up its annual meeting in Arkansas. For us, the highlight of the spectacle was OUR Walmart member Jackie Goebel’s presentation of shareholder proposal #6, calling for greater disclosure about incentive pay. Jackie submitted the proposal with fellow OUR Walmart members, associates, and shareholders Mary Tifft, Girshriela Green, and Carlton Smith.
There’s no doubt that Jim Breyer, the billionaire venture capitalist who sits on the boards of Facebook and Walmart, is very rich and very smart. Good for him.