Walmart 2004 Annual Report Download - page 5

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Fellow Shareholders and Associates,
In his letter, Lee Scott observes that our Company is
being held to an increasingly higher standard of
behavior. I agree, and would like to offer some thoughts
and comments on this development.
Our Customers, our Associates, the Communities in which
we do business and the general public all assume that
Wal-Mart will continue to deliver quality products at
outstanding values. We will. But Wal-Mart is now the
largest company in the world, and people simply expect
more today from a leader. In addition, given that we at
Wal-Mart have every intention of remaining a leader, we
can and should expect to be held to a higher standard for
many more years to come.
In my opinion, our Company deserves good marks for the
way we have conducted business over the years. The
growth of our Company, the
good jobs we provide to our
Associates,and the economic
benefits we have delivered to
our Customers – all wrapped
within a culture founded on
integrity and mutual respect –
tell a powerful story.
We cannot, however, rest on
these past accomplishments.
Setting the highest standards
for honesty, integrity and
fairness in dealing with our
stakeholders – which includes
our Customers, Suppliers,
Associates, and Communities
– remains the essence of
the Wal-Mart culture,
and is central to our
Company’s long-term
success.
We do not accept
the notion that
business as usual is
ever appropriate, and
we are not afraid of
change. My father,
Sam Walton, said:
“I’ve made it my own
personal mission to
ensure that constant
change is a vital part of
the Wal-Mart culture
itself,”and that spirit is
alive and well at
Wal-Mart today.We
owe nothing less to our
stakeholders, and we
are committed
to making the changes necessary to meet their
increased expectations.
Our size and global reach present extraordinary
opportunities, but also present additional complexity in
dealing with an ever-changing variety of laws and
regulations. Keeping pace with changes in the regulatory
environment is a challenge for management, but we are
committed to do so. We continually monitor our legal and
regulatory performance, and will upgrade internal
systems or change the way we do business when
necessary in order to assure compliance.
Our Company benefits from oversight by an active and
informed Board of Directors. Our Directors provide the
breadth of insight that only a group of individuals with
diverse backgrounds and experiences can bring. They are
diligent and engaged. I also believe that our Company
benefits from the Walton family’s involvement, which
includes my brother, John, and me serving on the Board
of Directors.The Walton family is, after all, a Shareholder
too, and the interests of all Shareholders are served by
the family’s active attention to the business.
We are proud of the corporate governance at Wal-Mart,
and I invite you to review our governance documents in
the Investor Relations section of our corporate website
at www.walmartstores.com.This website also includes
information about board members, officers and
board committees.
On behalf of the Board of Directors, I also invite and
appreciate your thoughts and comments.You can
contact us by e-mail, using the full name of the
director as listed on the inside of the back cover of
this Annual Report. For example, my e-mail
address is [email protected].
To send a message to the full board,
address it to [email protected].
To reach only the independent
directors, address the message to
[email protected].
Thank you for your support and
confidence as we look forward to a great
year.
Sincerely,
Rob Walton
A Letter from the Chairman of the Board
“We do not accept the
notion that business
as usual is ever
appropriate, and we
are not afraid of
change.”
Rob Walton