Walmart Announces 2022 Annual Shareholders’ Meeting Voting Results

Rhea-AI Summary

Walmart Inc. (NYSE: WMT) held its Annual Shareholders’ Meeting virtually with approximately 88.9% of outstanding shares represented. CEO Doug McMillon reported a 9% sales growth and an 18% increase in operating profit, generating $24 billion in operating cash flow. Walmart returned $16 billion to shareholders via dividends and share repurchases, alongside a $13 billion capital investment. Shareholders overwhelmingly approved all 11 director nominees and the appointment of Ernst & Young LLP as independent accountants. A significant majority also supported the executive compensation proposal.

Positive

• 9% sales growth in the last fiscal year.
• 18% increase in operating profit (excluding divestitures).
• $24 billion generated in operating cash flow.
• $16 billion returned to shareholders in dividends and share repurchases.
• $13 billion capital investment to grow the business.
• Overwhelming approval of executive compensation proposal (91.2%).
• Director nominees received around 96.1% or more approval.

Negative

• Seven shareholder proposals failed to pass, including those on animal welfare and reproductive healthcare.

BENTONVILLE, Ark.--(BUSINESS WIRE)-- Walmart Inc. (NYSE: WMT) today announced shareholder voting results for its Annual Shareholders’ Meeting, which was conducted virtually. Approximately 88.9% 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 grew sales by 9%, grew operating profit by 18%, excluding divestitures, and generated $24 billion in operating cash flow. These results enabled us to return $16 billion to shareholders in dividends and share repurchases and invest $13 billion in capital to grow our business.”

McMillon also spoke on how the company is continuing to provide competitive wages and benefits for associates, commenting, “Our goal is to turn even more jobs into careers by strengthening a ladder of opportunity for our associates. As of April of this year, the average hourly wage for associates in our stores, clubs and supply chain exceeds $17 here in the U.S. In the U.S., about 75% of Walmart’s salaried management in our stores, clubs and supply chain started out in an hourly role. Beyond pay, we offer a wide range of benefits including a menu of health care options and free college tuition for associates through our Live Better U program. Since launching in 2018, over 75,000 associates have enrolled in the program, and 11,000 associates have graduated.”

The company reported that shareholders approved the election of each of Walmart’s 11 director nominees. Each director nominee received affirmative votes from approximately 96.1% or more of the shares voted, excluding abstentions and broker non-votes, as follows (all percentages are rounded):

Director Nominee	For
Cesar Conde	99.6%
Timothy P. Flynn	99.2%
Sarah J. Friar	96.1%
Carla A. Harris	97.3%
Thomas W. Horton	97.2%
Marissa A. Mayer	98.4%
C. Douglas McMillon	98.9%
Gregory B. Penner	96.7%
Randall L. Stephenson	97.7%
S. Robson Walton	98.4%
Steuart L. Walton	98.5%

Shareholders voted to approve, on a non-binding, advisory basis, the compensation of Walmart’s named executive officers described in Walmart’s 2022 proxy statement, with approximately 91.2% 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 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 seven shareholder proposals, each of which failed to pass.

• Report on Animal Welfare Practices: Received approximately 16.4% of the participating shares that were entitled to vote.
• Create a Pandemic Workforce Advisory Council: Received approximately 12.7% of the participating shares that were entitled to vote.
• Report on Impacts of Reproductive Healthcare Legislation: Received approximately 12.9% of the participating shares that were entitled to vote.
• Report on Alignment of Racial Justice Goals and Starting Wages: Received approximately 13.4% of the participating shares that were entitled to vote.
• Civil Rights and Non-Discrimination Audit: Received approximately 0.5% of the participating shares that were entitled to vote.
• Report on Charitable Donations Disclosures: Received approximately 0.9% of the participating shares that were entitled to vote.
• Report on Lobbying Disclosures: Received approximately 14.3% 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 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 230 million customers and members visit more than 10,500 stores and clubs under 46 banners in 24 countries and eCommerce websites. With fiscal year 2022 revenue of $573 billion, Walmart employs approximately 2.3 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 and on Twitter at twitter.com/walmart.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220601006220/en/

Media Relations Contact

Jacquelyn Cook

800-331-0085

Investor Relations Contact

Dan Binder

479-258-7172

Source: Walmart Inc.

FAQ

What were the main financial highlights from Walmart's Annual Shareholders' Meeting in 2023?

Walmart reported a 9% sales growth and an 18% increase in operating profit, generating $24 billion in operating cash flow.

What percentage of shares voted in favor of Walmart's executive compensation proposal?

Approximately 91.2% of participating shares voted in favor of the executive compensation proposal.

How much did Walmart return to shareholders in dividends and share repurchases?

Walmart returned $16 billion to shareholders through dividends and share repurchases.

What was the approval rate for Walmart's director nominees?

Each of Walmart's 11 director nominees received about 96.1% or more affirmative votes.

What were the outcomes of Walmart's shareholder proposals?

All seven shareholder proposals were rejected, with the highest support at approximately 16.4%.