When I attended the most recent Wal-Mart shareholder meeting, I was quite amazed at the overall feel of the event. It did not feel like a shareholder meeting at all, but more like an entertainment venue. The amount of celebrities brought in before the meeting's day and during the meeting itself was quite impressive. From Jimmy Buffett to recent American Idol winner Jordin Sparks, there was no shortage of entertainment talent.
But that was not the focus. First and foremost were Wal-Mart (NYSE: WMT) associates. The entire shareholder meeting centered around Wal-Mart employees. Stories about the heroism and genuine goodness of Wal-Mart's employees went on for hours, with several examples from Wal-Mart locations outside the U.S. In looking at this Wal-Mart employee's account, this seems to be the highlight of the year for many Wal-Mart employees. It's like an awards convention of sorts if certain associates are accepted to attend, and the general attitude is that it's quite an event to be an actual associate and also be in attendance when one of these shareholder meetings happen.
The business portion of the meeting, as I referenced earlier, was actually too short from my perspective. Maybe Wal-Mart likes it that way. With WMT shares having remained stagnant for years, I would have though there would be more pressure from institutions holding shares to get Wal-Mart's "butt in gear" when it comes to doing something to ensure a decent return is happening on all those millions of shares. While it's hard to grow a $344 billion company, there are definitely areas to improve upon.
Associates have a ball at Wal-Mart's shareholder meeting
Posted Jun 12th 2007 6:40PM by Brian White
Filed under: Annual meetings, Wal-Mart (WMT)
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Reader Comments (Page 1 of 1)
6-12-2007 @ 6:58PM
R. Van Ort said...
Just how does one "center" something "around" something?
6-12-2007 @ 8:11PM
Nick Pasquine said...
Rest assured that the LAST thing walmart wants to discuss is business
6-12-2007 @ 10:56PM
Ken Hawkins said...
How absolutely crass for Walmart to pretend to care about their employees. I have not worked for them, but have several family members and friends who have. They view their employees as an expense - PERIOD. Their benefits stink, they have low skilled managers at store level that treat them like crap. Not the way it used to be
6-13-2007 @ 7:37AM
Mike said...
Ken,
It would seem that your comments are in conflict with Brian's blog a few days ago when he interviewed several Wal-Mart associates.
Granted Brian's sampling was small, but I would venture to guess that the majority of the company's 1.5 million associates are pretty happy.
You sure you're not on SEIU payroll?
6-13-2007 @ 10:46AM
Rich said...
Mike,
I Work for Wal-Mart and I'm one of the unhappy associates. But I have to pay the bills somehow and for now Wal-Mart just barely helps pay them. But I'm sure you have a quick fix answer for all the unhappy associates. "just quite" Right?
What I would like to see on this blogging site is everyone that post a comment state are they
1) salary paid or Hourly paid
2) years of service to Wal-Mart
3) Happy or Unhappy
I think with this information we will see the difference between the different levels of the associates and how they feel about Wal-Mart.
Brian what do you think?
6-13-2007 @ 8:25PM
Jim said...
I've been working for Sam's Club for over 10 years. If I'd have known my job,associates, and management would be so good to work for and with,I'd have started 20 years ago!I'm not saying it's always easy,just worth it to me and my family. If something comes up at work,I talk to my manager(s) and get the issue(s)resolved. Sure some managers are better than others to have,that's everywhere. If you are an adult,speak up and get a problem solved instead of whining about it. not happy,get another job.believe me,we don't want or need whiners-just winners!
6-13-2007 @ 6:54PM
Paul W said...
I worked for Wal-Mart for the last 4 years of my working life, after working for K-mart for 11 yrs. I feel that working for Wal-Mart was working in a family store. Pay & Benefits were competive.
Howeve, this year I did not get my stock voting ballot/Annual report/etc until June 8. 8 days after the annual meeting. Alto I have only about 200 shares, I feel cheated.
6-14-2007 @ 2:37AM
Fran Pipkin said...
The Walmart and Sam's associates that attend the shareholders meeting are picked for their vision of the company. In other words, they live, breathe, and die for Walmart. If you are a regular joe you need not attend. I am also not supprised that they did not talk much business at the meeting. They don't want to let out how bad it really is in Walmart.