Trinity Wall Street v. Wal-Mart Stores, Inc.
United States Court of Appeals for the Third Circuit
792 F.3d 323 (2015)
Relevant factsFree
Shareholder Trinity (plaintiff) proposed that Walmart (defendant) adopt a policy against selling guns with high-capacity magazines, arguing the sale posed reputational and brand risk, but Walmart excluded the proposal from its proxy statement as relating to ordinary business operations (product selection), and the district court ruled for Trinity.
IssueFree
Whether a company can exclude from a proxy statement a shareholder proposal that focuses on a matter of significant social policy related to the company's day-to-day business operations if the policy issue transcends those operations.