Wal-Mart Board to Be Elected by Majority Vote
Wal-Mart Stores Inc. said directors on its board would now be elected by a majority of votes cast, rather than by plurality.
An incumbent director who doesn’t receive a majority vote must “promptly†tender his or her resignation, the company said in a filing with the Securities and Exchange Commission. A board committee would then consider the resignation and recommend whether it should be accepted.
Wal-Mart joins FedEx Corp., Home Depot Inc. and H.J. Heinz Co. in adopting majority-shareholder provisions to counter charges of cronyism among U.S. corporate executives and directors.
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