Shareholder proposal at Wal-Marts AGM earned over 32 percent of the independent shareholder votes cast by non-insiders at the meeting
Wal-Mart insiders own over half of the company’s outstanding shares, making it virtually impossible that a shareholder proposal not supported by management would receive the support of a majority of votes cast.
Coalition members and filers of the clawback report proposal at Wal-Mart include: UAW Retiree Medical Benefits Trust; Connecticut Retirement Plans and Trust Funds; Amalgamated Bank LongView Funds; First Swedish National Pension Fund; Third Swedish National Pension Fund; Fourth Swedish National Pension Fund; F&C Management Ltd.; and Illinois State Board of Investments. Together, the funds owned over $3.1 billion in Wal-Mart stock as of market close on May 10, 2013.
“Transparency and reporting are areas where we still expect improvements,” said Christina Kusoffsky Hillesöy, Chair of the Swedish Ethical Council, speaking on behalf of the First, Third and Fourth Swedish National Pension Funds. “This vote shows that Wal-Mart investors strongly believe that the company should disclose whether or not clawback policies have been used as a matter of good corporate governance.”
Press release: Final vote announcement at Walmart