Judge refuses to halt Wal-Mart proxy distribution
- Article by: RANDALL CHASE
- Associated Press
- April 11, 2014 - 3:45 PM
WILMINGTON, Del. — A federal judge in Delaware says Wal-Mart can send its annual proxy statement to shareholders without a Manhattan church parish's proposal for a shareholder vote involving gun sales.
The judge noted Friday that Securities and Exchange Commission staff already had said Wal-Mart was not obligated to accept the parish's proposal. He said the parish was not likely to succeed in arguing that the SEC determination was erroneous.
The Episcopal parish that includes Trinity Church on Wall Street wanted shareholders to vote on whether the board of Wal-Mart Stores Inc. should oversee management policy decisions on whether to sell products considered especially dangerous, harmful to Wal-Mart's reputation, or offensive to community and family values.
The proposal was aimed particularly at sales of guns with magazines holding more than 10 rounds.
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