Walmart (WMT) Announces AGM Results

Walmart Inc. (NYSE: WMT) today announced shareholder voting results for its Annual Shareholders’ Meeting, which was conducted virtually. Approximately 91% of all outstanding shares were represented at the meeting.

Greg Penner, Chairman, expressed his gratitude to Rob Walton, who retired effective as of today, for his more than 40 years of service on the Walmart Board of Directors. He emphasized the positive impact he’s had on associates and customers all around the world.

Doug McMillon, President and CEO, highlighted the company’s strong performance and position as a people-led, tech-powered omnichannel retailer. He expressed confidence, stating, “We continue to believe we can grow sales, grow profit faster than sales while delivering low prices and investing in our associates and improve our return on investment.”

The company reported shareholders approved the election of each of Walmart’s 11 director nominees, including Brian Niccol, Chairman and CEO of Chipotle Mexican Grill. Each director nominee received affirmative votes from 94% or more of the shares voted, excluding abstentions and broker non-votes, as follows (all percentages are rounded):

Shareholders voted to approve, on a non-binding, advisory basis, the compensation of Walmart’s named executive officers described in Walmart’s 2024 Proxy Statement, with approximately 92.3% of the participating shares voting in favor of this proposal. The Board of Directors had recommended that shareholders vote for this proposal.

Shareholders also ratified the appointment of Ernst & Young LLP as Walmart’s Independent Accountants, with affirmative votes from approximately 98.2% of the shares voted. The Board of Directors had recommended a vote for this proposal.

An advance notice proposal and seven shareholder proposals were presented during the meeting and failed to receive affirmative votes from a majority of the total shares that were voted, and accordingly, did not pass.

• Jorgen Harmse – WALPAC advanced notice proposal: Received less than 0.01% of the shares that were voted
• Publication of Targets for Transitioning from Gestation Crates in Pork Supply Chain: Received approximately 12.5% of the shares that were voted
• Racial Equity Audit: Received approximately 15.4% of the shares that were voted
• Human Rights Impact Assessments: Received approximately 11.5% of the shares that were voted
• Set Compensation Policy that Optimizes Portfolio Value for Company Shareholders: Received approximately 4.4% of the shares that were voted
• Report on Respecting Civil Liberties: Received approximately 0.5% of the shares that were voted
• Workplace Safety & Violence Review: Received approximately 19.1% of the shares that were voted
• Corporate Financial Sustainability Report: Received approximately 0.4% of the shares that were voted

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.

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