Attorneys for a church in Manhattan are asking a federal judge in Delaware to prohibit Wal-Mart from sending its annual proxy statement to shareholders because it doesn’t include its proposal for a shareholder vote involving gun sales.
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Wal-Mart says it is not required to include the proposal in its proxy statement because it deals with ordinary business operations, an argument accepted by the Securities and Exchange Commission.
Needless to say, the church in question doesn’t want Wal-Mart to sell firearms and ammunition. I think that if it really came to a vote, most investors would no-more want the giant retailer to stop selling guns than they would want Exxon-Mobile to stop selling gasoline.
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