The Securities and Exchange Commission (SEC) will not allow Wal-Mart to exclude from consideration an NLPC-sponsored shareholder proposal asking for a report on the company’s lobbying priorities. Wal-Mart suddenly finds itself on the opposite side of public opinion on ObamaCare and cap and trade, after having embraced both last year.
On January 9, Wal-Mart sought to preclude a shareholder discussion of these issues by asking the SEC if it could exclude our resolution on the grounds that it “does not focus on, or implicate, a significant social policy.” Oh, really?
Suddenly at odds with public opinion on Barack Obama’s proposals on health care and global warming, Wal-Mart is seeking to exclude from its proxy our shareholder proposal that asks for a report on the company’s lobbying priorities. As we noted in the supporting statement, Wal-Mart favors these proposals that will dramatically raise the cost of living for its customers, at the same time it has taken a lower profile on issues like tort reform that would benefit its customers, not to mention the company and its shareholders.
In a June 30 letter to the White House, Wal-Mart endorsed Obama's health care plan. The letter was jointly signed by Andrew Stern, boss of the Service Employees International Union (SEIU), and John Podesta, who led the Obama transition team and is chief executive of the Soros-funded Center for American Progress.
Although the move was unexpected to some, it was no surprise to NLPC. In a Special Report published in 2006 and updated in 2008, I chronicled the company's move to the Left in a futile campaign to placate liberal critics like Wal-Mart Watch, funded by SEIU. On major issues except for "card check," Wal-Mart has become a powerful tool of liberal activist groups.