Wal-Mart elects all 15 board nominees at annual shareholder meeting
Home Textiles Today Staff -- Home Textiles Today, 6/7/2010 2:23:29 PM
Bentonville, Ark. -- Wal-Mart Stores Inc. today announced preliminary shareholder voting results for its annual shareholders'' meeting held Friday.
Approximately 89% of outstanding shares were represented at the meeting.
Shareholders approved the election of each of Walmart's 15 director nominees, with each director receiving affirmative votes from 87.2% or more of the shares voted. Shareholders also ratified Ernst & Young LLP as Walmart's independent accountants, with affirmative votes from 99.4% of the shares that were represented at the meeting and entitled to vote.
Two additional company proposals, which the board of directors had recommended for shareholder approval, received affirmative votes from a majority of the total shares represented. These are:
- Proposal 3 - Approval of the Wal-Mart Stores Inc. Stock Incentive Plan of 2010 by 86.8% of the shares represented and entitled to vote;
- Proposal 4 - Approval of the ASDA Limited Sharesave Plan 2000, as amended, by 94.9% of the shares represented and entitled to vote.
The six shareholder proposals, which the board of directors recommended against, failed to receive affirmative votes from a majority of the total shares and thus were defeated. These are:
- Proposal 5 - Gender identity non-discrimination policy by 13.5%;
- Proposal 6 - Advisory vote on executive compensation by 19.6%;
- Proposal 7 - Political contributions report by 13.5%;
- Proposal 8 - Special shareowner meetings by 21.6;
- Proposal 9 - Poultry slaughter by 1.3%;
- Proposal 10 - Lobbying priorities report by 2.1%.
The company said its official results and exact voting percentages for each of these proposals will be disclosed in a report to be filed later this week with the Securities and Exchange Commission.
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