Wal-Mart Stores Inc. shareholders voted in the majority to back management recommendations on all proposals, including electing all 14 director nominees, ratifying the compensation of the CEO and other top executives, and rejecting all shareholder proposals, according to results announced today at the company’s annual meeting.
The company didn’t provide a tally of the results.
The $163.7 billion California State Teachers’ Retirement System, West Sacramento, voted against all the director nominees, while other major pension funds — including the $264.9 billion California Public Employees’ Retirement System, Sacramento, the C$183.3 billion (US$178.7 billion) Canada Pension Plan Investment Board, Toronto, and the $167.8 billion Florida State Board of Administration, Tallahassee, the C$129.5 billion Ontario Teachers’ Pension Plan, Toronto and the $127.5 billion New York City Retirement Systems — opposed some of the directors.
Proxy advisory firms Institutional Shareholder Services and Glass Lewis also recommended that institutional investor clients vote against some directors.
Among other proposals, shareholders defeated a call to require an independent chairman, a proposal supported by CalPERS, CalSTRS, CPPIB, FSBA, OTPP and the New York City pension funds as well as by ISS and Glass Lewis.