said Monday it plans to adopt a majority vote standard for its directors, effective immediately.
The new rules require each nominee to receive a majority of the votes cast to be elected. Previously, directors were elected under a plurality vote standard, meaning that candidates merely needed to receive the most votes, regardless if those constituted a majority.
Plurality voting still will apply in contested elections, where the number of director candidates exceeds the number of available director positions, the discounting behemoth said.
Last month, fellow retail giant
enacted similar rules requiring a majority vote election for directors.