BENTONVILLE, Ark., May 31, 2023 — Walmart Inc. (NYSE: WMT) today announced shareholder voting results for its Annual Shareholders’ Meeting, which was conducted virtually. Approximately 90.8% of all outstanding shares were represented at the meeting.
In his introductory remarks, Walmart Inc. President and CEO Doug McMillon spoke about Walmart’s performance over the last year, noting, “We have a strong team of associates, very capable leaders and a compelling set of assets and capabilities that enable us to continue delivering for customers and members, whenever and however they want to be served in that moment.”
McMillon also highlighted recent investments the company has made in its associates, saying, “We work to create a path of opportunity for everyone who wants a career at Walmart. We continue to support and invest in our associates through their wages; benefits including health care and ways to invest and save for retirement; and by making it easier to gain a college degree or certificate through our Live Better U program, where our company pays for tuition and books.”
The company reported that shareholders approved the election of each of Walmart’s 11 director nominees. Each director nominee received affirmative votes from approximately 95.7% or more of the shares voted, excluding abstentions and broker non-votes, as follows (all percentages are rounded):
|Timothy P. Flynn||98.6%|
|Sarah J. Friar||98.9%|
|Carla A. Harris||96.1%|
|Thomas W. Horton||95.7%|
|Marissa A. Mayer||97.3%|
|C. Douglas McMillon||98.6%|
|Gregory B. Penner||97.4%|
|Randall L. Stephenson||96.6%|
|S. Robson Walton||98.1%|
|Steuart L. Walton||98.2%|
Shareholders voted on a non-binding, advisory basis, to include “say-on-pay” votes (such as Proposal No. 3 in the 2023 Proxy Statement) every year with approximately 99.1% of the participating shares voting in favor. The Board of Directors had recommended that shareholders vote in favor of holding a say-on-pay vote every year.
Shareholders voted to approve, on a non-binding, advisory basis, the compensation of Walmart’s named executive officers described in Walmart’s 2023 Proxy Statement, with approximately 79.4% 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 98.3% of the shares voted. The Board of Directors had recommended a vote for this proposal.
Each of the nine shareholder proposals that were presented during the meeting failed to receive affirmative votes from a majority of the total shares that were voted, and accordingly, did not pass.
- Policy Regarding Worker Pay in Executive Compensation: Received approximately 4.3% of the shares that were voted.
- Report on Human Rights Due Diligence: Received approximately 5.7% of the shares that were voted.
- Racial Equity Audit: Received approximately 18.1% of the shares that were voted.
- Racial and Gender Layoff Diversity Report: Received approximately 1.4% of the shares that were voted.
- Request to Require Shareholder Approval of Certain Future Bylaw Amendments: Received approximately 5.6% of the shares that were voted.
- Report on Reproductive Rights and Data Privacy: Received approximately 5.2% of the shares that were voted.
- Communist China Risk Audit: Received approximately 1.3% of the shares that were voted.
- Workplace Safety & Violence Review: Received approximately 23.8% of the shares that were voted.
- Limiting Political Contributions Made By WALPAC: Received less than 0.01% of the shares that were voted.
The official voting results for each item voted on by shareholders will be disclosed in a report to be filed with the Securities and Exchange Commission.
Walmart Inc. (NYSE: WMT) is a people-led, tech-powered omnichannel retailer helping people save money and live better - anytime and anywhere - in stores, online, and through their mobile devices. Each week, approximately 240 million customers and members visit more than 10,500 stores and numerous eCommerce websites in 20 countries. With fiscal year 2023 revenue of $611 billion, Walmart employs approximately 2.1 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 corporate.walmart.com, on Facebook at facebook.com/walmart, on Twitter at twitter.com/walmart, and on LinkedIn at linkedin.com/company/walmart.