Wal-Mart Stores, Inc. (NYSE: WMT) today issued its 2017 Annual
Report, Global Responsibility Report, an update on its Global
Ethics and Compliance Program and filed its Proxy Statement in
preparation for the company’s upcoming Annual Shareholders’ Meeting
on Friday, June 2, 2017.
“We are a company of the future. We’re operating from a strong
foundation built by those before us and taking action aimed at
strengthening our business this year and beyond,” Walmart President
and Chief Executive Officer Doug McMillon said in his letter to
shareholders, associates and customers. “We’ll continue to
strengthen our stores around the world, we’ll continue to build our
e-commerce and digital capabilities and we’ll put them together in
a way that saves customers time and money.”
Annual Report Highlights
The 2017 Annual Report, Moving with Speed, provides shareholders
with highlights of Walmart's achievements in the last fiscal year
and key company-wide initiatives for the upcoming year. The full
report is available here.
In the report, McMillon highlights how the company is continuing
to write its own history of innovation by harnessing the power of
technology and its investments in associates to create new ways of
serving customers and providing associates with more opportunities
to grow their careers. The company plans to focus on four key
objectives in the coming year - make every day easier for busy
families, change the way Walmart works, deliver results and operate
with discipline and be the most trusted retailer - to take
advantage of opportunities resulting from the fundamental
transformation of the retail industry within the economy and the
communities Walmart serves.
Also in the report is an update on governance and shareholder
engagement from Chairman of the Board of Directors, Greg Penner. In
his letter to shareholders, Penner states, “The transformation of
Walmart is gaining momentum, and the Board of Directors is
confident that we have the right strategy to position the business
for sustainable growth and shareholder returns in this new era of
retail. Today’s customer has more time pressures than ever, and our
focus on making life easier for busy families is critical. Walmart
is uniquely positioned to deliver on that goal.”
2017 Annual Shareholders’ Meeting and Proxy Statement
The company began distributing its Proxy Statement today with
details of its Annual Shareholders’ Meeting, to be held on Friday,
June 2, 2017, at 8 a.m. (CDT) in Bud Walton Arena on the University
of Arkansas campus in Fayetteville, Ark. Shareholders of record as
of the close of business on April 7, 2017, the record date for the
meeting, are entitled to vote at this year’s meeting.
This year’s Proxy materials seek Shareholders’ vote on 11
director nominees, three company proposals and three shareholder
proposals. Linda Wolf and Pam Craig are retiring from the Board
and will not stand for re-election. As Walmart maintains its
commitment to an independent board, it announced Carla Harris, vice
chair of the Wealth Management business segment of Morgan Stanley,
as a new independent nominee.
“Linda and Pam have provided insightful leadership and
demonstrated a deep commitment to the Board and shareholders that
will be missed,” Penner said. “Linda’s brand management and
international business expertise have benefited Walmart
tremendously while Pam’s global perspectives, finance and
technology experience have proven instrumental as
we reposition the business for sustainable growth through
stores, mobile and e-commerce. They both have also been strong
advocates and leaders for Walmart’s Womens’ Empowerment and
Diversity and Inclusion programs. With their retirements, we look
forward to the deep experience in capital markets and global
finance that Carla is prepared to provide to the Board.”
Wolf, who served as chair of the Compensation and Management
Development Committee and was a member of the Technology and
eCommerce Committee and the Nominating and Governance Committee, is
rotating off of the Board after 12 years of service in accordance
with Walmart’s corporate governance guidelines.
Craig joined the Board in 2013 and served on the Technology and
eCommerce Committee and the Audit Committee. She and Walmart
mutually agreed that she will not stand for re-election due to the
technical meaning of “independent” under the NYSE’s rules. As part
of its annual review, the Board recently determined that Craig is
no longer independent based on the 2016 promotion of her
brother-in-law to executive officer of a Walmart supplier. Payments
by Walmart to the supplier account for more than two percent of the
supplier’s annual revenues If not for this technical issue, the
Board otherwise considers Craig independent due to the fact that
her brother-in-law is responsible for a region with the supplier
that does a minimal amount of business with Walmart. Neither have a
direct nor indirect material interest in the relationship between
Walmart and the supplier.
Harris’ experience during her 30-year career with Morgan Stanley
has included investment banking, equity capital markets, equity
private placements, and initial public offerings in a number of
industries such as technology, media, retail, telecommunications,
transportation, healthcare and biotechnology. In 2013, she was also
appointed by President Obama to serve as Chair of the National
Women’s Business Council.
The 2017 Proxy Statement can be read online. Shareholders
unable to attend the 2017 Annual Shareholders' Meeting in person
may view a live webcast at http://www.stock.walmart.com.
Global Responsibility Report
Walmart’s 2017 Global Responsibility Report, the company’s
tenth, outlines the company’s major milestones in fiscal year 2017
tied to environmental, social and governance (ESG) initiatives,
specifically highlighting the company’s progress within those
areas. The report also outlines Walmart’s shared value priorities
and aspirations for 2025 to continue to advance global
responsibility in the key areas of opportunity, sustainability and
community. The report is available digitally and can be viewed
online.
Global Ethics and Compliance Update
Five years ago, the company began a multi-year process to
reorganize, unify and professionalize its ethics and compliance
program. The company’s fourth report on ethics and compliance looks
back at the program’s growth over the past five years into a
leading, world-class organization, and efforts to continue to
prioritize and enhance ethics and compliance training,
anti-corruption policies and procedures and digitization of
compliance processes and systems. The detailed report is available
here.
About Walmart
Wal-Mart Stores, Inc. (NYSE: WMT) helps people around the world
save money and live better - anytime and anywhere - in retail
stores, online, and through their mobile devices. Each week, over
260 million customers and members visit our 11,695 stores under 59
banners in 28 countries and e-commerce websites in 11 countries.
With fiscal year 2017 revenue of $485.9 billion, Walmart employs
approximately 2.3 million associates worldwide. Walmart continues
to be a leader in sustainability, corporate philanthropy and
employment opportunity. Additional information about Walmart can be
found by visiting http://corporate.walmart.com on Facebook
at http://facebook.com/walmart and on Twitter at
http://twitter.com/walmart.
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Wal-Mart Stores, Inc.Media Relations ContactRandy
Hargrove, 800-331-0085orInvestor Relations ContactSteve
Schmitt, 479-258-7172
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