SEC to allow Wal-Mart vote on independent chairman shareholder proposal

New York -- The Securities and Exchange Commission (SEC) rejected a request by Wal-Mart Stores to prevent shareholders from voting on a proposal to elect an independent board chairman at the retailer’s annual meeting in June.



Wal-Mart had argued that the proposal, which was submitted by the International Brotherhood of Teamsters General Fund, should be omitted because it was vague in its standard of independence, according to Reuters. But the SEC rejected the argument.