BENTONVILLE, Ark., June 9, 2008 -- Wal-Mart Stores, Inc. (NYSE: WMT) today announced preliminary shareholder voting results for its annual meeting of shareholders held June 6, 2008. Approximately 93 percent of outstanding shares were represented at the meeting.
The Company reported that shareholders approved the election of each of Wal-Mart’s 15 director nominees. Each director received affirmative votes from 96 percent or more of the shares voted. The amended and restated Management Incentive Plan was approved, receiving “for” votes from approximately 97 percent of the shares voted for that proposal. With affirmative votes from nearly 99 percent of the shares voted, shareholders ratified Ernst & Young LLP as Wal-Mart’s independent accountants.
One of the original eight shareholder proposals described in the Company’s annual proxy statement – proposal 10, regarding a social and reputation impact report -- was withdrawn by the proponents prior to the shareholders’ meeting. The remaining seven shareholder proposals were defeated. Each shareholder proposal, which the board recommended against, received affirmative votes from 17 percent or less of the total shares voted, as follows:
- Proposal 4 – Amend equal employment opportunity policy: approximately 6 percent
- Proposal 5 – Pay-for-superior-performance: approximately 13 percent
- Proposal 6 – Recoupment of senior executive compensation policy: approximately 5 percent
- Proposal 7 – Establish human rights committee: approximately 2 percent
- Proposal 8 – Advisory vote on executive compensation: approximately 17 percent
- Proposal 9 – Political contributions report: approximately 11 percent
- Proposal 11 – Special shareholders’ meetings: approximately 15 percent
Final vote totals will be included in the Company’s quarterly report for the fiscal quarter ending July 31, 2008 to be filed with the United States Securities and Exchange Commission.
Wal-Mart Stores, Inc. operates Wal-Mart discount stores, supercenters, Neighborhood Markets and Sam’s Club locations in the United States. The Company operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico and the United Kingdom. The Company's common stock is listed on the New York Stock Exchange (NYSE) under the symbol WMT.