Walmart shareholder business meeting held no surprises 

by Kim Souza ([email protected]) 1,336 views 

The Walmart shareholder business meeting again held no surprises. Walmart executives touted successes, outside shareholder group proposals were shot down, and a new director slate was approved. Possibly the only thing more predictable is a Hallmark movie.

Walmart held its virtual annual business shareholders meeting Thursday (June 5) and company executives spoke briefly about the retailer’s past year results that included record sales revenue of $681 billion and net income up more than 25%.

Board Chairman Greg Penner said Walmart’s commitment to innovation allows the company to grow even as it invests in technology supply chain, automation and employees.

Walmart CEO Doug McMillon said all three of Walmart’s business segments had a good year in fiscal 2025 ending Feb. 1, and he is encouraged by progress the company is making at executing strategies that help grow net income at a better rate than total revenue. Operating income grew 8.6% and cash flow was strong at $36.4 billion.

Executives were asked by shareholders about DEI (diversity, equity and inclusion) policy. McMillon said the company is a “Walmart for everyone and that has not changed.” Chief People Officer Donna Morris said the company will continue to serve the LGTBQ community during Pride Month and anyone else who wants to shop at the retailer.

There were two shareholder proposals that dealt with DEI concerns. United for Respect and Walmart employee Tanika Hightower of Memphis, Tenn., asked shareholders to require the company adopt a racial equity audit following the company’s disassembling of its racial, equity and diversity policies without accountability, without explanation.

The National Center for Public Policy Research asked Walmart to report on the delays it took for Walmart to revise its DEI initiatives, claiming Walmart merely repackaged the agenda. Both of the proposals were defeated by shareholders.

Reducing plastic packaging also was a topic raised by two shareholder groups. Green Century Capital asked shareholders to reduce plastic waste and adopt a more sustainable packaging protocol for its business, and stop using misleading sustainable packaging labels. The National Legal Center asked shareholders to revisit plastics packaging policies. Both proposals also were voted down by shareholders.

The AFL-CIO (American Federation of Labor and Congress of Industrial Organizations) asked for a third party assessment regarding law enforcement requests relating to the use of the company’s customers and employees’ use of medications. Oxfam America asked shareholders to require Walmart’s board to report to shareholders on governance measures implemented to more effectively monitor its workplace safety health and safety risks in its business. Value Research Inc., asked Walmart to commit to political neutral advertising policies and build trust with shareholders. Again, all three shareholder proposals were voted down.

Shareholders did pass four proposals from the company and elected the following slate of directors to a one-year term: Greg Penner, Cesar Conde, Tim Flynn, Sarah Friar, Carla Harris, Tom Horton, Marissa Mayer, Doug McMillon, Bob Moritz, Brian Niccol, Randal Stephenson, and Steuart Walton.

Company proposals that passed were the ratification of Ernst & Young as the company’s independent registered accounting firm for fiscal 2026, and approval of an executive compensation for the year. Last year the top six executives at Walmart earned a combined $99.952 million, up 3.33%. The majority of that compensation was deferred in the form of stock. Shareholders also approved the company’s stock incentive plan for 2025.