Wal-Mart Stores announces preliminary shareholder voting results from annual meeting
-- Home Textiles Today, 6/8/2009 12:20:00 PM
Bentonville, Ark. -- Upon wrapping up its day-long annual shareholders meeting from Friday, Wal-Mart Stores Inc. today announced its preliminary shareholder voting results.
Approximately 91.6% of outstanding shares were represented at the meeting.
The discount department store chain, which operates more than 7,900 retail units under 55 different banners in 15 countries, reported that shareholders approved the election of each of Wal-Mart’s 15 director nominees. Each of them gained affirmative votes from 96.7% or more of the shares voted.
Shareholders also ratified Ernst & Young LLP as Wal-Mart’s independent accountants, with affirmative votes from about 99.3% of the shares that were represented at the meeting.
The remaining six shareholder proposals, which the board of directors recommended against, did not receive affirmative votes from a majority of the total shares represented at the meeting, and were thus defeated.
A preliminary report on the approximate percentages of the shares represented at the meeting that were voted in favor of each shareholder proposal follows:
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Proposal 3 – Gender identity nondiscrimination policy: approximately 12.8%;
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Proposal 4 – Pay for superior performance: approximately 2.6%;
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Proposal 5 – Advisory vote on executive compensation: approximately 18.5 percent%;
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Proposal 6 – Political contributions report: approximately 11.7%;
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Proposal 7 – Special shareowner meetings: approximately 21.5%.
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and Proposal 8 – Incentive compensation to be paid in stock options: approximately 1.2%.
The company -- with fiscal year 2009 sales of $401 billion -- said the final vote totals will be included in its report for the fiscal quarter ending July 31, 2009, to be filed with the United States Securities and Exchange Commission.
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