Wal-Mart’s 2009 Shareholders Meeting: All Show, Little Substance

Today is the big day. This morning, the Walton Family welcomed shareholders and associates from around the world to the company’s annual shareholders meeting on the campus of the University of Arkansas. 

Once again, the Shareholders circus is all show, and no substance.

What we did see was marching bands, cheerleaders, lasers, Smokey Robinson, Michael Jordan (say it ain’t so!), the comedic stylings of Ben Stiller, and even Miley Cyrus - who managed to make it this year after last year’s snub. What we didn’t see was any sort of a real discussion between the company and its shareholders of the real issues facing the company today.

We didn’t hear anything about the dozens of wage&hour lawsuits whose settlement is costing the comany hundreds of millions of dollars. We didn’t hear anything about the rallies that are being held all around the country by workers who are fed up with Wal-Mart jobs and are finally ready to start forming unions. And we didn’t hear anything about the Employee Free Choice Act - which if passed could change Wal-Mart more than anything in the history of the company.

Aren’t these issues of utmost importance to the shareholders who own the company?

As usual, the biggest problem with the way the company is managed is the Waltons themselves. As long as the family owns a controlling 43% share of the comapny stock - it will be content to sit back and count their money, and brush over any attempts at change by the shareholders.

This year, as usual, there 6 well thought out shareholder proposals that were quickly glossed over by Rob Walton. During last year’s meeting, shareholders voted against: an equal employment opportunity policy, a human rights committee, and pay-for-superior performance-measures.

This year’s meeting was no different - six proposals were defeated. Unfortunately, there will be no political contributions report; no restrictions on executive pay; and no gender identity non-discrimination policy.

It would be easy to give up any hope that things would change at the Wal-Mart shareholders meeting. But, there is a glimmer of hope: if EFCA is passed by next June, we might actually see a little different tone from Rob Walton and the gang, no? 

Posted by Research Team on Friday, June 05, 2009

Click Here for a Printer-Friendly Version