McMillon Outlines Next Chapter at 46th Walmart Shareholders Meeting

Wal-Mart Stores Inc. president and CEO Doug McMillon urged the company’s 2.3 million associates to write the next chapter in Walmart’s story during his remarks Friday at the retailer’s annual shareholders meeting in Fayetteville.

“We have the opportunity to reimagine retail again,” McMillon said before approximately 14,000 people inside Bud Walton Arena on the University of Arkansas campus. He also took to Facebook Live to connect directly with Walmart associates around the world.

McMillon outlined three critical steps for the retailer’s reinvention: supporting and engaging Walmart associates, serving customers and serving communities.

“As the world becomes more digital, it will be the humanity of Walmart that differentiates us and wins with customers,” McMillon said. “Our investments in education and training, store structure, wages, hours and sales floor technology are to support you and enable you to serve your customers and members. Every associate has a role to play. The actions of 2.3 million of you add up to something big.”

McMillon referenced the company’s purpose of saving people money so they can live better and said part of living better is about being able to “invest time in the people and the life you love.”

He added, “This is our ambition globally: we want to be the first place busy families go to save money and time, especially on their everyday needs. We’re connecting all the parts of Walmart into one seamless shopping experience with great stores, easy pickup, fast delivery, and apps and websites that are simple to use.”

To read McMillon’s prepared remarks, click here.

Shareholders also heard from several members of executive leadership team during Friday’s meeting

To read the prepared remarks from Brett Biggs, Walmart’s executive vice president and chief financial officer, click here.

To read the prepared remarks from Greg Penner, Walmart’s board chairman, click here.

Highlights from comments of other members of the company’s executive leadership team are available here.

To view a replay of the entire meeting, hosted by entertainer James Corden and featuring musical performances from Andy Grammer, Maxwell and Nick Jonas, click here.

Down to Business

Approximately 93 percent of all outstanding shares were present or represented by proxy at the meeting, the company announced.

In the business portion of the meeting, shareholders approved the election of each of Walmart’s 12 board members.

Each director nominee received affirmative votes from approximately 94.51 percent or more of the shares voted, excluding abstentions and broker non-votes.

The 11 members who were re-elected include McMillon, Penner, Jim Cash, Pam Craig, Tim Flynn, Tom Horton, Marissa Mayer, Steve Reinemund, Kevin Systrom, Rob Walton, and Linda Wolf.

As part of the board’s succession planning, Steuart Walton, a grandson of company founder Sam Walton, and one of Jim Walton’s three sons, was also elected to the board for the first time.

Jim Walton, a member of the board since 2005, Aida Alvarez and Roger Corbett, both members of the board since 2006, Mike Duke, a member of the board since 2008, did not stand for re-election.

Shareholders also ratified Ernst & Young LLP as Walmart’s independent accountant — a position the firm has held since 1970 — with affirmative votes from approximately 99.5 percent of the shares that were present in person or represented by proxy at the meeting and entitled to vote.

There were three shareholder proposals this year, which the board of directors recommended against, and all of them were defeated.

A report on the approximate percentages of the shares present or represented by proxy at the meeting that were voted in favor of each shareholder proposal follows:

• Proposal 5 — Request to adopt an independent chairman policy: approximately 14.81 percent of the shares that were present or represented by proxy at the meeting and entitled to vote.
• Proposal 6 — Request for annual report regarding incentive compensation plans: approximately 9.45 percent of the shares that were present or represented by proxy at the meeting and entitled to vote.
• Proposal 7 — Request for report regarding criteria for operating in high-risk regions: approximately 0.69 percent of the shares that were present or represented by proxy at the meeting and entitled to vote.

The official voting results for each of these proposals will be disclosed in a report filed next week with the Securities and Exchange Commission.