Responsible Wealth Press Release

Boston Wal-Mart shareholders today filed a resolution with the company requesting public disclosure of who gets Wal-Mart stock options, broken down by race and gender. In each of the last three years, between 4.8% and 13% of all Wal-Mart stock options went to the top five officers, who make up 0.0003 percent of the company's employees. All five are white men.

The filing of the resolution was timed to coincide with a national Wal-Mart Week.

In addition to Northstar Asset Management clients and other members of Responsible Wealth, the resolution was filed by Martha Burk, the director of the National Council of Women¹s Organizations¹ Corporate Accountability Project. Dr. Burk is best known for leading the effort to open the Augusta National Golf Club to women.

A second-generation Wal-Mart shareholder, Dr. Burk presented a similar resolution at last April¹s annual meeting. She said today, "I am still concerned that the wealth creation opportunities afforded by the company are disproportionately going to white men. The company needs to disclose the data."

Last year's resolution won 15% of the vote, an unusually high number given how much of the stock is owned by Walton family members and Wal-Mart's top management.

Margaret Covert, Shareholder Action Coordinator of NorthStar Asset Management, said, "Wal-Mart¹s emphasis on 'Always Low Prices' comes at a cost to employees working for always low wages. The tremendous profits that have enriched the Walton family and other major shareholders, if shared more broadly with all Wal-Mart workers, could mean health coverage and homeownership for those now lacking them."

Added Scott Klinger, co-director of Responsible Wealth, "In the last few weeks Wal-Mart has committed to greater transparency. This resolution is an invitation to uphold that commitment. Shareholders deserve to know which employees are being rewarded with stock options, and whether their company is contributing to the growing U.S. racial wealth divide."

A court decision is expected in coming months on Wal-Mart's appeal of the formation of a class for the largest gender discrimination lawsuit in history, filed by current and former women employees.

The text of the resolution can be seen online at:

http://www.responsiblewealth.org/shareholder/2006/WalMart.html

Just posted on Since Sliced Bread

I just posted this on Since Sliced Bread, a project of the SEIU:

http://www.sinceslicedbread.com/idea/8980

Right now companies are considered the property of the shareholders. We need to change the dynamic by pushing the idea of stakeholders. Everyone that works for a company is a stakeholder. Everyone that does business with a company is a stakeholder. Everyone that lives around the company is a stakeholder. Democracy is the idea that our voices and opinions matter. We have groups focused on Democracy for America. We need Democracy for Wall Street.

Ideas that could come from this idea: The concept of one person one vote for shareholder resolutions and board elections; Employee ownership of companies; Requiring companies building in an area to have a certain percentage of shares owned by people living in that area; etc.

Why do labor unions focus so much attention on fighting against the owners of the corporations. I'd rather see them TAKE OWNERSHIP of the corporation and make the Board of Directors do the right thing for their employees, the community and the environment.