Walmart Stores, Inc. | Interfaith Center on Corporate Responsibility

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<strong>Company:</strong>
<p>Walmart Stores, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Human Rights & Worker Rights </p>
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<strong>Focus Area:</strong>
<p>AI / Artificial Intelligence, Annual Board Election, Human Rights Due Diligence </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>WHEREAS</strong>: The rapid deployment of artificial intelligence (“AI”) and automation across<br>industries represents one of the most significant workforce transformations of the coming<br>decade. As the largest private employer1 in the United States, Walmart’s approach to<br>adopting these technologies carries material implications for its associates, long-term<br>shareholder value, and the broader retail sector.<br><br>Walmart has publicly emphasized both the scale and ambition of its AI strategy. The<br>Company’s Chief Technology Officer recently highlighted an estimated $815 billion AI<br>investment, noting that AI is embedded across operations, from supply chains and<br>logistics to store-level processes and customer-facing systems.2 Walmart has stated that<br>its objective is to “build the future of retail” by integrating agentic AI—systems capable of<br>autonomous decision-making—across virtually all aspects of the business.3<br>Walmart has rolled out AI-enabled tools to support hiring4, scheduling5, training, and task<br>prioritization, including an OpenAI associate training program6, while expanding<br>automation in fulfillment centers and supply chain operations7. Most notably, in October<br>2025, Walmart implemented a new algorithmic, performance-based system to determine<br>annual pay increases for hourly employees, replacing its traditional tenure-based<br>approach.8 This shift represents a fundamental change in compensation for a substantial<br>portion of the workforce and illustrates the growing role of algorithmic systems in<br>employment outcomes.<br><br>Walmart has also articulated a Responsible AI Pledge committing to principles such as<br>fairness, transparency, privacy, security, and human oversight.9 These commitments<br>indicate awareness of the ethical and social dimensions of advanced technologies.<br>However, the pledge does not provide investors sufficient insight into how these<br>commitments are operationalized, monitored, and enforced across a workforce of<br>Walmart’s size and complexity.<br><br>Studies10 indicate retail work contains a high proportion of tasks vulnerable to<br>automation, raising risks related to job redesign, deskilling, wage inequality, and uneven access to training and advancement.11 Research12 also warns that algorithmic performance and pay systems can introduce bias, intensify work pace, result in unqualified hires, and reduce transparency if not carefully governed.13 These risks are amplified at Walmart’s scale, where even marginal impacts can affect hundreds of<br>thousands of workers.<br><br>For shareholders, the key question is how the Company is measuring and managing the<br>workforce-related risks and opportunities associated with AI and automation. A report<br>describing the principles guiding AI deployment, the metrics used to assess workforce<br>impacts—such as job quality, compensation, training effectiveness, and equity—and the<br>governance structures overseeing these systems would enable shareholders to evaluate<br>whether Walmart’s AI strategy aligns with its public commitments, supports long-term<br>value creation, and mitigates workforce-related risks.<br><br><strong>RESOLVED</strong>: Shareholders request Walmart Inc. (“Walmart” or the “Company”) prepare a<br>report on the principles by which the Company seeks to address and measure the social<br>implications on its workforce of the growing adoption of advanced technologies,<br>including artificial intelligence and automation. The report, prepared at reasonable cost<br>and omitting confidential and proprietary information, should be made available to<br>investors.</p>
<p>1 The 50 Largest Employers in the U.S. | Ringover<br>2 Walmart looks to cash in on agentic AI | CIO  <br>3 Inside Walmart’s Strategy for Building an Agentic Future.  <br>4 Using AI to speed up recruitment in retail  <br>5 GTA Portal and Walmart’s New App Designed to Empower Store Associates  <br>6 Walmart taps OpenAI for employee training | Retail Dive  <br>7 Walmart’s U.S. Supply Chain Playbook Goes Global — and It’s Reinventing Retail at Scale 8 Walmart Rolls Out New Raise Strategy for Hourly Store Workers – Business Insider  <br>9 Walmart Makes Public Commitment to Ethical Use of AI – Retail TouchPoints <br>10 6 to 7.5 Million U.S. Retail Jobs At Risk Due To Automation  <br>11 Partial automation and the technology-enabled deskilling of routine jobs<br>12 Algorithmic bias in HR: A modern challenge<br>13 Data and Algorithms at Work: The Case for Worker Technology Rights – UC Berkeley Labor Center<br> </p>

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<div class=”views-field views-field-nothing”><span class=”field-content”> Bianca Agustin</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>United for Respect</span></div>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Karen Watson</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Congregation of St. Joseph, OH*</span></div>
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<strong>Focus Area:</strong>
<p>Agricultural Sourcing / Supply Chain, Biodiversity, GHG Reduction and Targets, Water Impacts </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>WHEREAS:  </strong>Public investigations suggest that Walmart lacks effective measures to prevent the sourcing of avocados from illegally deforested land,[1] a practice that harms local communities and biodiversity and poses reputational and regulatory risks to the company. </p>
<p>Mexico accounts for nearly 90 percent of avocado shipments into the United States.[2] For the past decade, over ten football fields of Mexican forests have been cleared daily for avocado orchards, most lacking required permits.[3] By 2050, land used for avocado production is predicted to increase by over 70 percent,[4] underscoring the importance of addressing illegal deforestation. </p>
<p>Over the past two decades, virtually all avocado-related deforestation in Michoacán, where roughly 90 percent of Mexican avocados to the United States originate, has violated Mexican federal law that prohibits conversion of forests to agricultural production without government authorization. The crime of intentionally setting forest fires frequently facilitates this deforestation.[5] </p>
<p>Mexico’s main avocado-growing regions are currently in severe drought.[6] Water for avocado plantations is often obtained by illegally diverting streams or digging wells for irrigation, depleting community water supplies and making forests and farms more vulnerable to fires and disease.[7]</p>
<p>Burning and deforestation associated with conversion also releases greenhouse gases, reduces carbon storage, increases floods and landslides, undercuts biodiversity and the replenishment of aquifers,[8] and is destroying the Monarch Butterfly Biosphere Reserve, further imperiling this endangered species.[9] </p>
<p>Walmart expects its suppliers to comply with “relevant environmental laws and regulations.”[10] Yet, Mexican government records indicate orchards containing illegally deforested land are supplying avocados to Walmart, calling into question the sufficiency of Walmart’s due diligence protocols for its avocado suppliers.[11] </p>
<p>Michoacán has established a certification program to assist retailers and suppliers strengthen the sustainability of their avocado supply chains. Under this program, packing houses are certified under a satellite-based monitoring system, excludinge avocados from orchards on lands illegally deforested since 2018 and from orchard owners facing penalties for environmental crimes, including unauthorized water use. Since adoption by major U.S. avocado packers of this certification,[12] regional deforestation rates are slowing and certification is becoming industry standard.[13] Costco engages with its suppliers on the ProForest certification, annually monitoring progress through supply chain mapping and risk assessment.[14]</p>
<p>Walmart, however, has not made a commitment to source from suppliers using the Michoacán certification program, or any equivalent, creating material reputational, brand, and supply chain risk. Conducting an assessment of its due diligence policies, including use of certification systems, will help Walmart reduce the likelihood of lawsuits and prevent greenwashing accusations, while protecting human rights and critical habitat.</p>
<p><strong>BE IT RESOLVED:  </strong>Shareholders request that Walmart assess and report on the effectiveness of its due diligence policies to ensure supplier compliance with local laws, and Walmart’s own standards, in its avocado supply chain.  </p>
<p>[1] https://cri.org/reports/unholy-guacamole/ </p>
<p>[2] https://pubmed.ncbi.nlm.nih.gov/33126191/  </p>
<p>[3] https://news.mongabay.com/2024/04/mexicos-avocado-industry-harms-monarch-butterflies-but-will-u-s-officials-act-commentary/</p>
<p>[4] https://www.researchgate.net/publication/358551509 </p>
<p>[5] https://cri.org/reports/unholy-guacamole/ </p>
<p>[6] https://smn.conagua.gob.mx/es/climatologia/monitor-de-sequia/monitor-de-sequia-en-mexico </p>
<p>[7] https://www.nps.gov/articles/planning-for-resilience-understanding-the-connections-between-forests-fire-water-and-drought.htm </p>
<p>[8] https://cri.org/reports/unholy-guacamole/   </p>
<p>[9] https://www.mdpi.com/2673-7159/1/4/23 </p>
<p>[10] https://corporate.walmart.com/suppliers/requirements/standards-for-suppliers </p>
<p>[11] https://cri.org/reports/unholy-guacamole/ </p>
<p>[12] www.forestavo.com; https://www.nytimes.com/2025/10/09/world/americas/mexico-avocados-deforestation.html </p>
<p>[13] https://www.nytimes.com/2025/10/09/world/americas/mexico-avocado-stop-deforestation-plan.html </p>
<p>[14] https://cdn.bfldr.com/56O3HXZ9/at/gtngmp2zpxxrvwhg7gn93c35/costco-sustainability-report-2025.pdf </p>

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<div class=”views-field views-field-nothing”><span class=”field-content”> Elizabeth Levy</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>As You Sow</span></div>
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<p>Worker Rights, Health & Safety </p>
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<p>Filed</p>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Hana Ivanhoe</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Oxfam America</span></div>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Sr. Susan Mika</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Congregation of Benedictine Sisters, Boerne TX</span></div>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Laura Krausa</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>CommonSpirit Health</span></div>
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<p>Immigration </p>
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<p>Filed</p>
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<h2>Resolution Text</h2>
<p>The Trump administration cancelled some humanitarian immigration programs in summer 2025. Subsequent reports surfaced of Walmart losing staff at locations in Florida and Texas. These shortages led to extending wait times for customers, cancelling of curbside pickup services, and tightening work schedules, resulting in a “manufactured safety crisis.”1<br><br>Foreign skilled workers utilizing H-1B visas play a significant role in Walmart’s operations. The Company is the visa program’s largest retail sector participant sponsoring approximately 2,400 H-1B visas in the first half of 2025.2 In September 2025, President Trump raised the annual fee on skilled foreign workers from $215 to $100,000.3 Walmart reportedly paused job offers to H-1B employees following the announcement, but the company has not disclosed how it intends to address the issue for the long-term.<br>Immigration policy changes may increase transportation costs for Walmart. Walmart privately owns over 12,000 tractors and approximately 92,000 trailers4, and employs 16,000 class A drivers.5 <br><br>The Company also works with independent trucking companies as part of its supply chain.6 Truckers have been targeted by the current administration. The State Department halted the issuance of worker visas for commercial truck drivers in August 2025.7 An executive order in April 2025 introduced regulations making it difficult for certain immigrants to operate large vehicles.8 The Department of Transportation threatened to withdraw federal funding from certain states if they do not revoke commercial driver’s licenses from non-U.S. residents determined to be “improperly issued”.9 The trucking industry faces a driver shortage, and with 18% of professional drivers being born abroad, there are concerns this will strain the supply chain and increase costs.10<br><br>Walmart relies heavily on U.S. agricultural production. Approximately 70% of produce sold in Walmart stores comes from U.S. suppliers,11 and the Company sold $1.49 billion of local produce in 2025.12 Immigrants are increasingly relied upon at American farms. One study found unauthorized immigrant farmworkers account for 42% of hired farmworkers and 25% of all agricultural workers in the United States.13 Labor shortages from agricultural sector deportations could lead to lower yields and higher costs for consumers and sellers.14<br><br>We urge shareholders to vote FOR this proposal.</p>
<p>1 https://www.consumeraffairs.com/news/walmart-grapples-with-staffing-crisis-after-migrant-work-permits-are-suspended-070725.html<br>2 https://www.msn.com/en-gb/news/other/walmart-responds-to-trumps-100000-h-1b-visa-fee-hike-and-foreign-workers-wont-be-happy/ar-AA1OZb2Y?ocid=BingNewsVerp<br>3 https://www.cnn.com/2025/09/20/business/h-1b-fee-trump-immigration-workers<br>4 https://www.ttnews.com/private-carriers/rankings/2025<br>5 https://careers.walmart.com/us/en/home/careers-areas/supply-chain-and-transportation/drivers<br>6 https://www.sec.gov/ix?doc=/Archives/edgar/data/0000104169/000010416925000021/wmt-20250131.htm<br>7 https://x.com/SecRubio/status/1958644528253948015<br>8 https://calmatters.org/economy/2025/11/immigrant-drivers/<br>9 https://www.reuters.com/world/us-may-withhold-304-million-minnesota-over-foreign-truck-driver-licenses-2025-12-01/<br>10 https://www.msn.com/en-us/money/general/ice-crackdown-could-drive-out-614-000-truckers-biggest-labor-shortfall-ever/ar-AA1QmHFy?ocid=BingNewsVerp<br>11 https://corporate.walmart.com/news/2008/07/01/walmart-commits-to-americas-farmers-as-produce-aisles-go-local<br>12 https://corporate.walmart.com/content/dam/corporate/documents/esgreport/2025/FY2025-Walmart-ESG-Report.pdf<br>13 https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5384966<br>14 https://www.newsweek.com/trump-mass-deportation-farms-breaking-point-2064190</p>

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<div class=”views-field views-field-nothing”><span class=”field-content”> Alexandra Sitner</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>SOC Investment Group</span></div>
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<strong>Company:</strong>
<p>Walmart Stores, Inc.</p>
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<strong>Year:</strong>
<p>2025 </p>
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<strong>Issue Area:</strong>
<p>Human Rights & Worker Rights </p>
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<strong>Focus Area:</strong>
<p>Data Privacy/Surveillance/Cyber Security </p>
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<strong>Status:</strong>
<p>Filed</p>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Brandon Rees</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>AFL-CIO</span></div>
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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>Walmart Stores, Inc.</p>
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<strong>Year:</strong>
<p>2025 </p>
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<strong>Issue Area:</strong>
<p>Human Rights & Worker Rights </p>
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<strong>Focus Area:</strong>
<p>Human Rights Due Diligence, Worker Rights, Health & Safety </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p>RESOLVED, that shareholders of Walmart Inc. (“Walmart” or “Company”) urge the Board of Directors (“Board”) to report to shareholders on the governance measures Walmart has implemented since 2019 to more effectively monitor and manage human rights risks related to workplace health and safety, including whether and how the Board (or Board committee) oversees policies that affect the Company’s injury rate, attendance policies impacting worker health and safety, and the provision of paid sick leave, as well as whether and how senior executive incentive compensation arrangements changed in response to health and safety concerns. The report should be prepared at reasonable cost and omit confidential and proprietary information.</p>
<p class=”p1″>SUPPORTING STATEMENT</p>
<p class=”p3″>Workplace health and safety problems create serious risks that can impair corporate performance. Studies have shown a positive association between workplace safety and health and productivity.1 Poor health and safety performance can damage a company’s reputation and relationships with stakeholders.2</p>
<p class=”p5″>Boards are increasingly expected to exercise robust oversight over human capital management (“HCM”) matters, including worker health and safety. A leading law firm’s 2021 memo characterized HCM as a “board-level issue with vital strategic and risk oversight implications.”3 The memo recommends steps boards should take to enhance HCM oversight, including adopting a sustainability reporting framework, finalizing the board’s responsibilities, and linking executive pay to HCM objectives.</p>
<p class=”p7”>Walmart, the largest U.S. private-sector employer, has had serious worker health and safety issues for years:</p>

It reported the second-highest rate of severe workplace injuries among U.S. employers between 2015 and 2022.4
A recent survey found that 74% of Walmart warehouse workers always or sometimes feel pressure to work faster; a quarter disagreed with the statement, “I can meet my performance objective/make rate without risking my safety or health.” Over halfreported experiencing heat stress in the previous three months, and half report bum out from their job.5
A 2017 report detailed how Walmart’s attendance policies discourage workers from obtaining medical care by punishing them for medical absences.6 A Walmart worker who felt faint shortly after reporting to work at a short-staffed store and was reportedly told to”pull herself together” had a heart attack in the store’s bathroom at the end of her shift and died.7

<p class=”p1″>The National Council for Occupational Safety and Health named Walmart one of its “dirty dozen” unsafe companies for 2024. Among other things, the “dirty dozen” report cited the 1,100 shooting incidents occurring at Walmart stores since 2014, killing 300.8 In November 2022, a Walmart manager killed six after opening fire in a store break room.9</p>
<p class=”p3″>Strategic leadership from a company’s highest levels is critical in creating a corporate culture in which employee well-being is prioritized. Accordingly, this Proposal asks Walmart to report on governance measures adopted to address workplace health and safety.</p>
<p class=”p1″>1 https://www.ehstoday.com/safety/article/2 l l 74310/workplace-safety-and-productivity-go-hand-in-hand; https://www.sciencedirect.com/science/article/abs/pii/S0925753523003l 68</p>
<p class=”p2″>2 https://ohsonline.com/articles/2023/ I 0/27/protect-workers-and-company-reputation-with-a-culture-of-safety.aspx; https://pmc.ncbi.nlm.nih.gov/articles/PMC5447402/</p>
<p class=”p4″>3 https://www.clearygottlieb.com/news-and-insights/publication-listing/fulfilling-the-boards-expanded-oversight role-in-human-capital-management</p>
<p class=”p5″>4 https://www.epi.org/blog/an-average-of-27-workers-a-day-suffer-amputation-or-hospitalization-according-to-new-osha-data-from-29-states-meat-and-poultry-companies-remain-among-the-most-dangerous/</p>
<p class=”p7″>5 https://webassets.oxfamamerica.org/media/documents/At_ Work_and_Under_Watch.pdf, at 16, 20, 23-24.</p>
<p class=”p8″>6 https://www.abetterbalance.org/wp-content/uploads/2017/05/Pointing-Out-Walmart-Report-FlNAL.pdf</p>
<p class=”p6″>7 https://newrepublic.corn/article/177515/death-walmart-workplace-safety-record .</p>
<p class=”p7″>8  https://www.hrgrapevine.com/us/content/article/2024-04-26-walmart-waffle-house-uber-blasted-for-unsafe-reckless-work-practices-in-dirty-dozen-report .</p>
<p class=”p9″>9 https://www.usatoday.com/story/news/nation/2022/ l l /22/chesapeake-virginia-walmart-shooting- authorities/10761233002/</p>

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<div class=”views-field views-field-nothing”><span class=”field-content”> Caroline Boden</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Bon Secours Mercy Health</span></div>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Caroline Boden</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Congregation of St. Joseph, OH</span></div>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Caroline Boden</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Mercy Investment Services</span></div>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Sr. Susan Mika</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Benedictine Sisters, San Antonio TX</span></div>
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<div class=”views-field views-field-nothing”><span class=”field-content”> Timnit Ghermay</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Providence St. Joseph Health</span></div>
</div>
<div class=”views-row”>
<div class=”views-field views-field-nothing”><span class=”field-content”> Timnit Ghermay</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Sisters of the Holy Names of Jesus and Mary, US Ontario Province</span></div>
</div>

</div>

</div>
</div>

</div>
</div>
</aside&gt

<div class=”col-lg-9 content-page left-side”>
<section class=”section-a-single-resolutions resolutions-info top-content”>
<div class=”resolutions-contain”>
<div class=”top-content”>
<h4>Resolution Details</h4>
</div>
<div class=”bottom-content”>
<div class=”row-info”>
<strong>Company:</strong>
<p>Walmart Stores, Inc.</p>
</div>
<div class=”row-info”>
<strong>Year:</strong>
<p>2025 </p>
</div>
<div class=”row-info”>
<strong>Issue Area:</strong>
<p>Inclusiveness </p>
</div>

<div class=”row-info”>
<strong>Focus Area:</strong>
<p>Racial Justice </p>
</div>
<div class=”row-info”>
<strong>Status:</strong>
<p>Filed</p>
</div>

</a>
</div>
</div>
</div>
</section>

<section class=”section-b-single-resolutions content-blocks”>
<div class=”top-content editor-block”>
<div class=”content-block”>
<div class=”main-content”>
<h2>Resolution Text</h2>
<p class=”p1″><strong>RESOLVED</strong>: Shareholders request Walmart Inc. (“Walmart” or the “Company”) conduct a third-party, independent racial equity audit analyzing Walmart’s adverse impacts on Black, Indigenous and People of Color (BIPOC) communities, and providing recommendations for improving the company’s racial equity impact. Input from employees, customers, and racial justice, labor, and civil rights organizations should be considered in determining speciﬁc matters to be analyzed. A report on the audit, prepared at reasonable cost and omitting conﬁdential and proprietary information, should be published on Walmart’s website.</p>
<p class=”p1″>SUPPORTING STATEMENT:</p>
<p class=”p2″>As the leading retailer, grocer, and private employer,1 Walmart wields signiﬁcant inﬂuence over the U.S. labor market and economy.2 Company policies and practices disproportionately impact BIPOC and female workers, as Walmart employs more Black people and women than any other U.S. company.3</p>
<p class=”p3″>In November 2024, Walmart rolled back its diversity initiatives, cutting racial equity training and eliminating supplier diversity programs.4 The decision was criticized by the NAACP5, the National Urban League6 and Walmart associates.7</p>
<p class=”p3″>Shareholders worry the move clashes with the Company’s stated commitment to fostering inclusion and opportunity for all and disregards evidence that DEI initiatives boost motivation and reduce attrition.8</p>
<p class=”p4″>Moreover, racial inequity poses macroeconomic risks that jeopardize long-term returns across asset classes by generating industry and economy-wide negative externalities and impeding inclusive and broad-based economic growth. A recent Citigroup study found racism and discrimination have cost the U.S. GDP $16 trillion since 2000 and addressing racial discrimination against African Americans could boost the U.S. economy by $5 trillion over ﬁve years.9</p>
<p class=”p1″>We urge Walmart to evaluate its role in worsening social and economic inequality and to take steps to help dismantle it.</p>
<p class=”p1″>Several aspects of Walmart’s business suggest a racial equity audit would help mitigate reputational, regulatory, legal, macroeconomic, and human capital risk. The Company reports that people of color comprise 51% of its domestic workforce but make up only 30% of U.S. Ofﬁcers10 and 18% of its Board of Directors.11 Walmart has also faced negative media attention over claims of racial proﬁling12, discriminatory hiring13 and promotion practices14, as well as poor working conditions15 and low wages.16</p>
<p class=”p2″>Political spending and lobbying may also have adverse racial impacts. In 2024, Walmart donated $7.5 million, including $3.5 million toward the passage of California’s Proposition 36, a tough-on-crime initiative reclassifying petty misdemeanors as felonies.17 The California Secretary of State said the measure would increase the State prison and County jail population,18 a known cause of race-related economic inequality.19</p>
<p class=”p2″>Given its worker demographics and scale, we request Walmart assess its behavior through a racial equity lens to obtain a complete picture of how it contributes to, and could help dismantle, social and economic inequality.</p>
<p class=”p3″>A racial equity audit would help Walmart identify, prioritize, remedy and avoid adverse impacts on nonwhite stakeholders, communities of color, and long-term diversiﬁed shareholders. Failure to effectively address inequities in its operations exposes stakeholders, including employees, to unacceptable abuses and exposes Walmart to risks that may ultimately affect shareholder long-term value.</p>
<p class=”p1″>1 https://www.wsj.com/business/retail/walmart-sales-amazon-growth-2bee429b and https://www.businessinsider.com/walmart-biggest-supermarket-2011-2#the-store-spread-across-the-country-like-  wildfire-but-its-first-full-stocked-grocery-didnt-open-until-1988-2</p>
<p class=”p2″>2 https://prospect.org/power/wal-mart-shapes-world/</p>
<p class=”p3″>3 https://www.racialjustice.majorityaction.us/</p>
<p class=”p4″>4 https://www.npr.org/2024/11/26/nx-s1-5206289/walmart-dei-rollback-diversity</p>
<p class=”p4″>5 https://www.cnn.com/2024/11/26/politics/video/the-lead-naacp-walmart-dei-right-wing-woke</p>
<p class=”p4″>6   https://thehill.com/homenews/race-politics/5012407-civil-rights-group-national-urban-league-walmart-dei/</p>
<p class=”p4″>7 https://www.theguardian.com/business/2024/dec/15/walmart-dei-diversity-equity-inclusion-rollback</p>
<p class=”p4″>8 https://www.bcg.com/publications/2024/highlighting-the-business-opportunity-of-dei-initiatives</p>
<p class=”p5″>9 www.npr.org/sections/live-updates-protests-for-racial-justice/2020/09/23/916022472/cost-of-racism-u-s-economy-lost-16-trillion-because-of-discrimination-bank-says</p>
<p class=”p1″>10 https://s201.q4cdn.com/262069030/files/doc_downloads/2024/04/2024-annual-belonging-diversity-equity-and-in clusion-annual-report.pdf</p>
<p class=”p3″>11 https://corporate.walmart.com/purpose/esgreport/governance/corporate-governance</p>
<p class=”p4″>12 https://www.npr.org/2022/08/25/1119385178/walmart-oregon-settlement-racial-profiling</p>
<p class=”p5″>13 https://www.cbsnews.com/news/walmart-discrimination-complaint-african-american-warehouse-workers-with-rec ords-lose-jobs/</p>
<p class=”p7″>14 https://www.forbes.com/sites/edwardsegal/2022/02/11/walmart-is-sued-for-gender-and-race-discrimination-by-e eoc/</p>
<p class=”p7″>15 https://www.yahoo.com/news/walmart-slammed-unsafe-reckless-employer-195414657.html?guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAEuhbFRUqPZusBs3mSC-v-WxqCrCckZZJH5cSAtiVu_vL Ud2wfg9bT-y7sWSO09IMvvb-lCH0Z0DD01OCdPI_wxZbsTsE5ZIZOfRrpSn3A3v8jjhs0F_SQFt6KXfig9Aht_gag0WYRFN0M2ndw0Sjvf7FsmvnFeqPxT4R0WXQHOV&guccounter=2</p>
<p class=”p10″>16  https://webassets.oxfamamerica.org/media/documents/Amazon-Walmart_Briefing_Note_FINAL.pdf</p>
<p class=”p5″>17 https://united4respect.org/reports/walmart-political-spending-2024/?utm_medium=comms&utm_source=press_r elease&utm_campaign=campaign_finance</p>
<p class=”p3″>18 https://voterguide.sos.ca.gov/propositions/36/analysis.htm</p>
<p class=”p5″>19 https://www.brennancenter.org/our-work/analysis-opinion/mass-incarceration-has-been-driving-force-economic-inequality</p>

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<div class=”middle-content editor-block”>
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<div class=”main-content”>

</div>
</div>
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</section>
</div>
<aside class=”col-xl-3 right-side”>
<div class=”column-contain”>

<h3>Co-filer</h3>
<div class=”views-row”>
<div class=”views-field views-field-nothing”><span class=”field-content”> Susan Jordan</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>School Sisters of Notre Dame Central Pacific Province</span></div>
</div>
<div class=”views-row”>
<div class=”views-field views-field-nothing”><span class=”field-content”> Josie Chrosniak</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Sisters of the Humility of Mary, OH</span></div>
</div>

</div>

</div>
</div>

</div>
</div>
</aside&gt

Resolution Details

Company:

Walmart Stores, Inc.

Year:

2024

Issue Area:

Human Rights & Worker Rights

Focus Area:

Living Wage, Racial Justice

Status:

Filed

Resolution Text

BE IT RESOLVED, shareholders ask that the board and management exercise their discretion to establish Company wage policies that are consistent with fiduciary duties and reasonably designed to provide workers with the minimum earnings necessary to meet a family’s basic needs, because Company compensation practices that fail to provide a living wage are harmful to the economy and therefore to the returns of diversified shareholders.1

The Company increased the minimum hourly wage for store associates to $14/hour in 2023. While that is good progress, the living wage in 2022 was $25.02 per hour per worker annually for a family of four (two working adults).2 The Company’s CEO, meanwhile, makes 933 times more than the Company’s median employee. While people of color compose more than half the Company’s U.S. workforce, they account for only 29 percent of officer roles,3 indicating they make up a disproportionate number of employees not earning a living wage.

Such inequality and disparity harm the entire economy. For example, closing the living wage gap worldwide could generate an additional $4.56 trillion every year through increased productivity and spending,4 translating to a more than 4 percent increase in annual GDP. A 2020 report found that had four key racial gaps for Black Americans—wages, education, housing, and investment—been closed in 2000,

$16 trillion could have been added to the U.S. economy. Closing those gaps in 2020 could have added $5 trillion to the U.S. economy over the ensuing five years.5

By paying so many of its employees below a living wage, the Company may believe it will increase margins and thus financial performance. But gain in Company profit that comes at the expense of society and the economy is a bad trade for Company shareholders who are diversified and rely on broad economic growth to achieve their financial objectives. The costs and risks created by low wages and inequality will directly reduce long-term diversified portfolio returns because a drag on GDP directly reduces returns on diversified portfolios.6

This proposal asks the Board to set a Company compensation policy of paying a living wage to prevent contributing to inequality and racial/gender disparity. The Company could achieve this Proposal’s objective by securing Living Wage for US Employer certification.7 Additionally, MIT has an online living wage calculator, or the Company can work within frameworks promulgated by organizations such as IDH Sustainable Trade Initiative or The Living Wage Network. The Company should use such frameworks in a manner that allows shareholders to gauge compliance and progress, while providing the Company with discretion as to how to achieve the living-wage goal.

Please vote for: Set compensation policy that optimizes portfolio value for Company shareholders –

Proposal 4*

1 https://theshareholdercommons.com/case-studies/labor-and-inequality-case-study/

2 https://livingwage.mit.edu/articles/103-new-data-posted-2023-living-wage-calculator

3 https://corporate.walmart.com/purpose/belonging-diversity-equity-inclusion/belonging-diversity-equity-and-inclusion-report

4 https://tacklinginequality.org/files/introduction.pdf

5 https://ir.citi.com/%2FPRxPvgNWu319AU1ajGf%2BsKbjJjBJSaTOSdw2DF4xynPwFB8a2jV1FaA3Idy7vY59bOtN2lxVQM=

6 https://www.epi.org/publication/secular-stagnation/

7 https://livingwageforus.org/becoming-certified/

Resolution Details

Company:

Walmart Stores, Inc.

Year:

2024

Issue Area:

Inclusiveness

Focus Area:

Racial Justice

Status:

Filed

Resolution Text

RESOLVED: Shareholders request Walmart Inc. (“Walmart” or the “Company”) conduct a third-party, independent racial equity audit analyzing Walmart’s adverse impacts on Black, Indigenous and People of Color (BIPOC) communities, and to provide recommendations for improving the company’s racial equity impact. Input from employees, customers, and racial justice, labor, and civil rights organizations should be considered in determining speciﬁc matters to be analyzed. A report on the audit, prepared at reasonable cost and omitting conﬁdential and proprietary information, should be published on Walmart’s website.

SUPPORTING STATEMENT: The harmful impacts of systemic racism on BIPOC communities are a major focus of policymakers, media, and the public. While Walmart has made charitable contributions1 and statements of solidarity with communities of color, it must do more to address signiﬁcant adverse impacts of its policies and practices on those communities.

Several aspects of Walmart’s business suggest a racial equity audit would help mitigate reputational, regulatory, legal, and human capital risk. In recent years, Walmart has faced negative media coverage related to claims of discrimination including racial proﬁling2 and discriminatory hiring, recruitment3 and promotion practices.4 Walmart is also subject to criticism for poor working conditions5 and paying low wages6. The Company does not disclose median or adjusted racial pay gaps.

By Walmarts own disclosures, it is clear more can be done to address racial inequality in its workforce. The Company reports that people of color comprise 49% of its U.S. workforce but make up only 28% of its U.S. Oﬃcers and 18% of its Board of Directors.7 As the largest private employer in the United States, it is imperative that Walmart ensure its policies and practices do not have adverse impacts on its BIPOC employees.

Political spending and lobbying may have adverse racial impacts. Between 2022 and 2023, the National Retail Federation (NRF), the industry trade association to which Walmart belongs, spent over $16.7 million on lobbying8, and Walmart spent $11.2 million over the same period.9 NRF’s policy priorities include weakening the SEC’s CEO pay ratio disclosure requirement10 and repeal of the employer mandate requiring large companies to provide health coverage to full-time workers,11 which may disproportionately affect BIPOC workers and stakeholders.

Given the demographics of Walmart’s hourly workforce, shareholders want to ensure Walmart is not contributing to or exacerbating broader racial inequities. Failure to effectively address racial inequities in its operations exposes stakeholders, including employees, to unacceptable abuses and exposes Walmart to risks that may ultimately affect shareholder long-term value.

A racial equity audit would help Walmart identify, prioritize, remedy and avoid adverse impacts on nonwhite stakeholders and communities of color. We urge Walmart to assess its behavior through a racial equity lens in order to obtain a complete picture of how it contributes to, and could help dismantle social and economic inequality.

1 https://corporate.walmart.com/esgreport/esg-issues/diversity-equality-inclusion

2 https://www.npr.org/2022/08/25/1119385178/walmart-oregon-settlement-racial-profiling

3 https://www.npr.org/local/309/2019/04/22/716144085/complaints-allege-racist-hiring-practices-at-walmart-warehouse

4 https://www.forbes.com/sites/edwardsegal/2022/02/11/walmart-is-sued-for-gender-and-race-discrimination-by-eeoc/

5 https://www.msn.com/en-us/money/companies/employees-expose-dangerous-walmart-working-conditions/ar-AAZS4X8

6 https://www.theguardian.com/business/2021/oct/28/walmart-pay-hourly-low-wages-working-conditions

7 https://corporate.walmart.com/esgreport/esg-issues/diversity-equality-inclusion

8 https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2022&id=D000000741 and https://www.opensecrets.org/federal-lobbying/clients/summary?cycle=2023&id=D000000741

9 https://www.opensecrets.org/Lobby/clientsum.php?id=D000000367&year=2022 and https://www.opensecrets.org/Lobby/clientsum.php?id=D000000367&year=2023

10 https://nrf.com/sec-pay-ratio

11 https://nrf.com/hill/policy-issues/health-care-reform

Resolution Details

Company:

Walmart Stores, Inc.

Year:

2024

Issue Area:

Human Rights & Worker Rights

Focus Area:

Gun Safety

Status:

Filed

Resolution Text

RESOLVED:

Shareholders urge Walmart Inc. (“Walmart” or the “Company”) to conduct a third-party, independent review of the impact of Company policies and practices on workplace safety and violence, including gun violence. A report on the review, prepared at reasonable cost and omitting proprietary information, should be published on Walmart’s website. At company discretion, the proponents recommend the audit and report include: (1) Evaluation of management and business practices that contribute to an unsafe or violent work environment, including stafﬁng capacity and the introduction of new technologies; and (2) Recommendations that will help Walmart create safer work environments and prevent workplace violence.

SUPPORTING STATEMENT:

Unsafe working conditions at Walmart and the broader retail industry are under increasing scrutiny.1 Walmart employees have raised serious concerns about workplace safety issues including unsafely stacked products, organized theft, and threats of physical assault and/or gun violence from customers and co-workers.2

Incidents of workplace violence, particularly gun violence, have become too common at Walmart. Between July 1, 2020 and November 22, 2022 there were at least 363 gun incidents and 112 gun deaths at Walmart.3 In 2023, there was a violent or gun related incident at Walmart reported in the news every single month. As recent as November 23, 2023, a gunman with racist ideologies opened ﬁre at a Walmart in Ohio injuring four people before committing suicide. This incident is reminiscent of the 2019 mass shooting in El Paso, Texas where a white supremacist gunned down 23 people and injured 22 others in a hate fueled rampage.4

Gun violence is an unprecedented public health crisis with substantial human and ﬁnancial costs. Harvard researchers estimate that gun violence costs the United States $557 billion annually and that “employers and their health insurers sustain a substantial ﬁnancial burden from ﬁrearm injuries and have a ﬁnancial incentive to prevent them.”5

State policymakers recognize the urgency of addressing workplace violence. In September, California enacted the nation’s ﬁrst general industry workplace prevention safety requirement for employers. Senate Bill 533, signed into law by Governor Gavin Newsom, requires virtually every employer in the state of California to take steps to prevent and/or respond to workplace violence by having employers develop workplace violence prevention plans.6

Failure to effectively address workplace safety and violence exposes stakeholders, including employees, to unacceptable harms and exposes Walmart to ﬁnancial, reputational, and legal risks.

As a 24 year Walmart Associate, I am personally invested in keeping myself and my co-workers safe at work. I am asking Walmart to evaluate how its practices may be contributing to an unsafe or violent work environment and to review existing workplace safety and violence prevention plans to ensure they adequately protect the health, safety, and lives of Walmart Associates.

I ask my fellow shareholders to vote yes for this proposal.

1 https://www.forbes.com/sites/pamdanziger/2023/10/17/danger-in-the-store-retail-crime–makes-everyone-a-potential-victim/

2 https://www.businessinsider.com/most-dangerous-parts-of-working-retail-walmart-target-employees-2023-5

3 https://www.gunsdownamerica.org/new-research-shows-gun-violence-is-serious-threat-at-grocery-stores/

4 https://www.usatoday.com/story/news/nation/2023/09/25/mass-shooting-el-paso-walmart-pay-5-million/70964010007/

5 https://time.com/6217348/gun-violence-economic-costs-us/

6 https://www.shrm.org/resourcesandtools/legal-and-compliance/state-and-local-updates/pages/california-workplace-violence-law.aspx

Workforce Implications of Adoption of AI & Automation

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