Walmart addresses George Floyd protests at annual meeting

Yahoo Finance’s Julia La Roche joins Kristin Myers to discuss the latest headlines from Walmart's annual shareholders meeting.

Video Transcript

KRISTIN MYERS: But Julia, I know that a lot of companies have been coming out with initiatives in response to George Floyd's death and the protests that we've been seeing the last couple of days. I know that you were listening in on the Walmart shareholder meeting today. What happened there?

JULIA LA ROCHE: Yeah. And Kristin keep in mind, the Walmart shareholder meeting is usually this week-long thing. And obviously, given the pandemic, it was shortened to a virtual meeting that lasted an hour. And what was so remarkable to me was, from start, basically the first couple of sentences from the chairman Greg Penner, who always opens the meeting. He immediately addressed the killing of George Floyd, calling it senseless, saying that, you know, they stand with the family, and that the company itself, which is the largest private employer in the US, the world's largest retailer has a role to play in creating a, quote, "more fair and more just society, country."

And they want to do more around diversity. It wasn't clear exactly what those initiatives will be. But this is something to keep an eye on.

Also CEO Doug McMillon, who is the chairman of the business roundtable, he took that role last year. And you know, this is a big deal because the chairman of the business roundtable, you're talking about, for corporate America, you really set the tone. He also called it tragic, heartbreaking, that the company needs to do more. There was an interesting quote from him. I just want to quote it.

He says quote, "Our-- our problems as a nation run much deeper than one horrible event." He also added, "Until we as a nation confront and address these realities, we will never achieve the best of what we can be."

And you were just mentioning a lot of companies have come out with statements. Some have come out with actions. You're going to see, in my opinion, I think more leadership from corporate America. And it can no longer be lip service. We, as members of the media, folks who are shareholders, we need to start holding folks accountable. And it can't just be just a conversation. There actually has to be meaningful action. And so it's something I think you can start to see in more of these company meetings.

KRISTIN MYERS: All right. Julia La Roche, thanks so much.