by Max Brantley
With the Walton family in control of the majority of shares, last week's Walmart shareholders' meeting was a formality insofar as business was concerned. Their slate of directors would be re-elected and shareholder proposals they opposed would be defeated.
The company today released the official results of votes — overwhelmingly in the direction I've outlined.
But there were a couple of outliers:
* DIRECTORS: Opposition to director re-election tended to be in the low single-digits, except, notably, for top Walton insiders, such as Rob Walton (12.6 percent opposed); current CEO Michael Duke (13 percent), and former CEO Lee Scott (15.6 percent). Some major stockholders, including big pension plans, had indicated before the meeting they'd vote against some directors because of the Mexican bribery scandal that occurred on the leaders' watch.
* POLITICAL CONTRIBUTIONS: A proposal to require more disclosure on this spending was defeated, but drew support from 15.8 percent of shareholders.