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Business Organizations Keyed to Bauman
Trinity Wall Street v. Wal-Mart Stores, Inc.
Citation:792 F.3d 323 (3rd Cir. 2015).
Trinity is an Episcopal parish headquartered in New York City and a shareholder in Wal-Mart. Following the mass shooting at Sandy Hook Elementary School in December 2012, Trinity decided to use its investment portfolio to address the ease of access to high capacity firearms. As such, Trinity focused on Wal-Mart and requested the following proposal be included in the 2014 proxy materials:
“Stockholders request that the Board amend the Compensation, Nominating and Governance Committee charter . . . as follows:
’27. Providing oversight concerning [and the public reporting of] the formulation and implementation . . . of policies and standards that determine whether or not the Company should sell a product that:
- especially endangers public safety and well-being;
- has the substantial potential to impair the reputation of the Company; and/or
- would reasonably be considered by many offensive to the family and community values integral to the Company’s promotion of its brand.'”
Wal-Mart sought to exclude the proposal under Rule 14a-8(i)(7).
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