Wal-Mart Shareholders to Convene June 7

The annual shareholders meeting of Wal-Mart Stores Inc. will be held at 9 a.m. Friday, June 7, in Bud Walton Arena on the Univeristy of Arkansas campus in Fayetteville.

Shareholders of record as of April 10 will vote to reelect the compay’s 15 directors and will consider two proposals. Don Soderquist, who has been on the board since he began working for Wal-Mart in 1980, retired in 2000 and was not been renominated to the board. Soderquist retired as Wal-Mart’s former vice chairman and chief operating officer and still speaks at company meetings.

Both shareholder proposals are being opposed by Wal-Mart’s board.

The first proposal would require Wal-Mart to prepare a report “identifying employees according to their sex and race” in nine major job categories, describe any affirmative action policies “to improve performances,” describe policies to increase the number of female or minority managers, and outline how the comapny will publicize its affirmative action policies.

Wal-Mart’s reply in its proxy statement filed April 15 with the Securities and Exchange Commission stated: “Respect for the individual is a foundation upon which Wal-Mart is built. … It is Wal-Mart’s policy to recruit, hire, train, promote and provide other conditions of employment without regard to race, color, age, gender, religion, disability, national origin or veteran status..”

The second shareholder proposal would require Wal-Mart to implement a “code of corporate conduct” for its overseas vendor factories to help prevent “sweatshop” conditions and human rights violations.

Wal-Mart said in its proxy that it’s long supported human rights and that it has adequate policies in place.

• The proxy filed April 15 also listed compensation for Wal-Mart executives for the fiscal year ended Jan. 31.

At the top was H. Lee Scott, president and CEO, with a salary of $1.1 million, bonus of $1.8 million, restricted stock awards of $5 million and a profit of $7.4 million from exercised stock options for a grand total of $15.5 million. In the previous fiscal year, Scott received a salary of $992,308, bonus of $1.75 million and received restricted stock valued at $6.08 million for a total of about $8.8 million. He exercised no stock options in that fiscal year, which ended Jan. 31, 2001.

David D. Glass, chairman of the executive committee of the board and former CEO, had a salary of $1.1 million, bonus of $1.3 million, $627,324 in “other compensation” and made $6.3 million from exercising stock options, for a total of $9.4 million.

Thomas Coughlin, executive vice president and president and CEO of the Wal-Mart Stores division, received an annual salary of $885,769, bonus of $935,929, other compensation of $197,603, restricted stock awards of $875,000 and made $2.3 million from exercising stock options, for a total of $5.2 million.