2018 Walmart Shareholders Meeting

2018 Walmart Shareholders Meeting

For the first time in Walmart shareholder meeting history, Walmart’s top 1% has changed the rules to exclude the majority of Walmart workers from being present during business proposal votes on wage transparency and other issues that affect them on a daily basis, further silencing the voice of Walmart workers. Which begs the question…

What is Walmart Hiding? 

Click here to read the 12 Things Walmart is Hiding from Its Shareholders and the American Public

Click here to read the The Growing Wage Divide Between Walmart’s Top 1% and its Workers

Governance enhancements for me, not for thee

Tucked away in Walmart’s recent proxy statement, under the heading “Recent Governance Enhancements – Shareholder Rights,” is this fun tidbit: “Shareholders holding 10% or more of the company’s common stock may request special shareholders’ meetings.”

Walmart needs an independent board chairman

For the second year in a row, Walmart shareholders will consider a resolution calling for the establishment of an independent chairman for the company’s board of directors. While investors have long expressed concern about the company’s failures in corporate governance and internal controls, that concern became more acute starting in 2012 after the New York Times published Pulitzer-winning expose detailing an (alleged) systematic campaign of bribery at Walmex, plus an executive-led campaign to cover it up.

Another pension fund dumps Walmart after Board turns down requests for meetings

Dutch pension fund PGGM NV has become the latest European pension fund to blacklist Walmart. It announced last week that it would end its investment in the company because of Walmart’s poor labor practices and the Board of Directors’ unwillingness to “participate in fruitful dialogues with [Walmart] shareholders.”

The votes are in

The final vote count from the Walmart annual meeting is in. With the Walton family owning a majority of company shares, the results were in effect pre-determined. (Spoiler alert: the vote went the way the Waltons wanted. And critics say the new board is weaker and less independent than the old one.) But like last year, the shareholder vote demonstrates considerable dissatisfaction with the company’s leadership, particularly audit committee chair Christopher Williams, CEO Mike Duke, and Chairman Rob Walton.

Walmart Directors on the Side of the Angels – Well, Maybe Not All of Them

That’s not us speaking, that’s Christian Brother Investment Services (CBIS). According to its website, CBIS invests more than $4 billion for more than 1,000 Catholic institutions worldwide. And CBIS has announced that it will be voting its shares against three Walmart Directors standing for election at this year’s annual meeting. Getting no votes are CEO Mike Duke, Chairman Rob Walton, and Audit Committee Chair Christopher Williams.

Walmart Shareholders Raise Concerns About Board’s Lack of Leadership

Following the revelation of the bribery scandal last spring, several large Walmart shareholders voiced concerns about Walmart’s governance. New York City Comptroller John Liu, a trustee for the NYC Pension Funds, announced the Fund’s decision to vote against re-electing Walmart directors who were implicated in the bribery scandal.  He stated: