All seven shareholder proposals were voted down at Wal-Mart Stores annual meeting on Friday.The measures included a request for greater recognition of gender identity issues, a proposal that executive compensation be tied more closely to the company’s performance, and the establishment of a human rights committee.
But executives said they prefer to do it their way. “Your Wal-Mart can help promote an economically friendly environment” and also address diversity in the employee base, said Wal-Mart CEO H. Lee Scott.
That also goes for the future, Scott said, pledging that Wal-Mart plans to be sensitive to an aging global population that in many cases will live on a fixed income.
The increased demand for energy and globalization are also matters to contend with, Scott said. “And I am confident that Wal-Mart will continue to transform and succeed.”Wal-Mart shares are up 24 percent since the year began and the best performers on the 30-member Dow Jones Industrial Average.
Elected to Wal-Mart’s board were Gregory B. Penner, the 38-year-old son-in-law of Wal-Mart Chairman S. Robson Walton who has served on the board for 30 years, 16 of those as chairman, which could portends a changing of the guard at the world’s largest retailer, The Wall Street Journal reported last week.
Also expected elected was Arne Sorenson, chief financial officer of Marriott International.