March 21, 2015 / 12:07 AM / 2 years ago

SEC to allow vote on Wal-Mart independent chairman shareholder proposal

The Wal-Mart company logo is seen outside a Wal-Mart Stores Inc company distribution center in Bentonville, Arkansas June 6, 2013.Rick Wilking

(Reuters) - Wal-Mart Stores Inc (WMT.N) failed to block a vote on a shareholder resolution calling for an independent board chairman, allowing it to return to the ballot for the third straight year at its annual shareholder meeting in June.

The Securities and Exchange Commission (SEC) rejected a request by Wal-Mart to prevent the proposal from being voted on by shareholders, according to an SEC letter delivered to the fund sponsoring the proposal on Friday.

Reporting by Nathan Layne in New Orleans; Editing by Ken Wills

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