Walmart 2012 Annual Report Download - page 16

This year, we mark the historic occasion of Walmart’s 50th
anniversary. Our success over these five decades reflects
the strength of our mission, people, values and culture. My
dad would be amazed by how far we’ve come, and he’d be
excited about the opportunities ahead to continue our
mission to save people money so they can live better.
Nothing is more important to delivering on our mission than
Walmart’s people. Our board members, company leaders,
managers and associates bring our values to life every day as
they serve customers and shareholders. We respect individuals,
care for customers and strive for excellence in all we do. Dad
established those values and beliefs – simple words, but strong
in how they guide us in serving each other and our customers.
Those values also guide our commitment to help our
communities live better. I am proud of how much progress
we’ve made in service to our communities around the world.
Dad never wavered in his belief that integrity was essential.
“Personal and moral integrity is one of our basic fundamentals,
and it has to start with each of us,” he said. With culture and
values like these, there is no limit to the difference Walmart
associates can make for shareholders and customers and
the world we serve around us.
We also are proud of the service of our board members, and
of the processes we have in place to serve our shareholders.
Good corporate governance is good business. As your
chairman, I am pleased that we continue to strengthen our
structure and best practices.
We recognize the importance of board independence. We
separated the roles of board chairman and chief executive
officer nearly 25 years ago in 1988, when Dad became chair-
man and David Glass chief executive officer. This decision
promoted even greater accountability and responsibility.
Ten of our current board
members are independent,
and we have an independent
presiding director. All directors
must stand for election each
year and receive majority
votes. Based on the board’s
recommendation, we provide
shareholders with an annual
“say-on-pay” vote, which
received overwhelming share-
holder approval last year.
We added an additional board
meeting to the 2012 calendar to provide more face-to-face time
with management. Last year, in fact, we had an attendance rate
at board, committee and shareholders’ meetings of 98 percent,
an extraordinary measure of our directors’ dedication.
We also added a Technology and eCommerce Committee
last year to bring more intensive company focus on Global
eCommerce and social and mobile retailing. We are leveraging
the knowledge and insights of directors who have deep
experience and high expectations in this area.
There’s no doubt that Dad would be proud of Walmart today.
He would push us to ensure that Walmart becomes even more
trusted and successful in the years ahead. He was always most
interested in new areas and challenges that went beyond what
we had already done or were doing at the time. I also know that
he’d constantly challenge our assumptions about what we can
accomplish and how we intend to do it. And he’d absolutely push
us to maintain the highest standards of integrity and performance.
I’m proud to be an associate, a director and a shareholder. I’m
excited about what the future holds for Walmart as we deliver on
our mission. There are many blessings that Dad left our company,
including our values and culture. I can’t help but believe that
as we represent Walmart’s shareholders, these principles will
continue to guide us, and we will be even stronger over the
next 50 years.
S. Robson Walton
Chairman of the Board of Directors
Wal-Mart Stores, Inc.
A continued commitment to strong governance
14 Walmart 2012 Annual Report
Our Foundation:
Ethics come rst
“Personal and moral integrity
is one of our basic fundamentals,
and it has to start with each of us.”
— Sam Walton
Rob Walton