SEC to allow shareholder vote on Wal-Mart independent chairman

(Reuters) – Wal-Mart Stores Inc shareholders will vote in June at the company’s annual meeting on electing an independent board chairman, after U.S. regulators rejected a request by the retailer to block the proposal.

Efforts the past two years were unsuccessful to unseat current board Chairman Rob Walton, scion of the billionaire family that founded the world’s largest retailer.

Because the Walton family controls more than 50 percent of the retailer’s shares, outside proposals generally have little chance of passing.

Wal-Mart had argued that the proposal, submitted by the International Brotherhood of Teamsters General Fund, should be omitted because it was vague in its standard of independence.

Read on.

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