Walmart Announces 2021 Annual Shareholders’ Meeting Voting Results

Rhea-AI Summary

Walmart Inc. (NYSE: WMT) reported strong shareholder support during its Annual Shareholders’ Meeting, with 90.3% of outstanding shares represented. CEO Doug McMillon announced record sales of $560 billion, an increase of over $40 billion from the previous year. Shareholders approved the election of all 12 director nominees, with votes exceeding 97.5%. Additionally, 95% of shares voted in favor of executive compensation and 98.4% for the appointment of Ernst & Young as auditors. However, five shareholder proposals failed, with support ranging from 2.3% to 22.1%.

Positive

• Record sales of $560 billion, an increase of over $40 billion year-over-year.
• Strong shareholder support with 90.3% of outstanding shares represented.
• Election of all 12 director nominees received over 97.5% support.
• 95% approval for executive compensation proposal.

Negative

• Five shareholder proposals failed, with support ranging from 2.3% to 22.1%.

Walmart Inc. (NYSE: WMT) today announced shareholder voting results for its Annual Shareholders’ Meeting, which was conducted virtually. Approximately 90.3 percent of all outstanding shares were represented at the meeting.

During the business meeting, Walmart President and CEO Doug McMillon provided a business update, sharing, “During the last fiscal year, we generated record sales of $560 billion in constant currency. That’s an increase of more than $40 billion in one year. We have the people and the assets to succeed in the next generation of retail and we are building for that future. The best way to create a valuable company is to build for the long term, manage the short term, and serve all relevant stakeholders. Walmart is doing that, and we will continue to. We see many opportunities in front of us.”

McMillon also spoke on the company’s work during the pandemic and efforts around racial justice, commenting, “The world looks different than it did a year ago. There is still a lot of uncertainty, but there are reasons for optimism. To combat the pandemic, our associates stepped-up and put in place measures that enabled us to operate safely. This included a 3-tier leave policy, reduced operating hours, enhanced cleaning, installation of plexiglass at registers and in our pharmacies, customer metering and other efforts. We’ve also continued work to improve racial justice and equity. Our percentage of African American and Black officers is increasing. Our transparency is up. We’re now reporting, in greater detail, our diversity metrics twice a year. As these various efforts were underway, we did not let up on other areas that are important to us, including the support of US manufacturing. In September of 2020, we went further on our commitment to the environment, by announcing our aspiration to become a regenerative company.”

The company reported that shareholders approved the election of each of Walmart’s 12 director nominees. Each director nominee received affirmative votes from approximately 97.5 percent or more of the shares voted, excluding abstentions and broker non-votes, as follows (all percentages are rounded):

Director Nominee	For
Cesar Conde	99.5%
Timothy P. Flynn	99.4%
Sarah J. Friar	97.5%
Carla A. Harris	98.6%
Thomas W. Horton	98.7%
Marissa A. Mayer	99.1%
C. Douglas McMillon	99.5%
Gregory B. Penner	98.3%
Steven S Reinemund	97.9%
Randall L. Stephenson	99.0%
S. Robson Walton	99.2%
Steuart L. Walton	99.4%

Shareholders voted to approve, on a non-binding, advisory basis, the compensation of Walmart’s named executive officers described in Walmart’s 2021 proxy statement, with approximately 95.0 percent 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 98.4 percent of the participating and entitled shares. The Board of Directors had recommended a vote for this proposal.

The Board of Directors had recommended a vote against each of the five shareholder proposals, and each proposal failed to receive affirmative votes from a majority of the total participating and entitled shares that were represented at the meeting and, accordingly, did not pass.

• Report on Refrigerants Released from Operations: Received approximately 5.5 percent of the participating shares that were entitled to vote.

• Report on Lobbying Disclosures: Received approximately 22.1 percent of the participating shares that were entitled to vote.

• Report on Alignment of Racial Justice Goals and Starting Wages: Received approximately 12.5 percent of the participating shares that were entitled to vote.

• Create a Pandemic Workforce Advisory Council: Received approximately 11.3 percent of the participating shares that were entitled to vote.

• Report on Company’s Involvement with Business Roundtable “Statement on the Purpose of a Corporation”: Received approximately 2.3 percent of the participating shares that were entitled to vote.

The official voting results for each item voted on by shareholders will be disclosed in a report to be filed Friday with the Securities and Exchange Commission.

About Walmart

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, approximately 220 million customers and members visit approximately 10,500 stores and clubs under 48 banners in 24 countries and eCommerce websites. With fiscal year 2021 revenue of $559 billion, Walmart employs 2.2 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 https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210602006057/en/

FAQ

What were the key highlights of Walmart's Annual Shareholders' Meeting?

Walmart reported record sales of $560 billion, significant shareholder support with 90.3% of shares represented, and all 12 director nominees were elected with over 97.5% votes.

How much did Walmart's sales increase year-over-year?

Walmart's sales increased by over $40 billion year-over-year, reaching $560 billion.

What percentage of shareholders approved executive compensation at Walmart?

Approximately 95% of participating shares voted in favor of the executive compensation proposal.

What was the outcome of the shareholder proposals at Walmart's meeting?

All five shareholder proposals failed to gain majority support, with votes ranging from 2.3% to 22.1%.

What was the approval percentage for Walmart's independent accountants?

Walmart's shareholders ratified the appointment of Ernst & Young LLP as independent accountants with approximately 98.4% approval.