Workplace health and safety problems create serious risks that can impair corporate performance. Studies have shown positive associations between workplace safety and health and productivity.1 Poor health and safety performance can damage a company's reputation and relationships with stakeholders.2 Boards are increasingly expected to exercise robust oversight over human capital management ("HCM") matters, including worker health and safety. A leading law firm's memo characterized HCM as a "board-level issue with vital strategic and risk oversight implications." 3 The memo recommends steps boards should take to enhance HCM oversight, including adopting sustainabi1ity reporting frameworks, formalizing board responsibilities, and linking executive pay to HCM. Walmart, the largest U.S. private-sector employer, has had serious worker health and safety issues: ? It reported the second-highest number of severe workplace injuries among U.S. employers between 2015 and 2022.4 ? A journalist found 244 OSHA reports documenting "alleged hazards at Walmart locations since January 2023,"5 including freezer accidents, lack of safety equipment, gun violence, and exposure to heat, carbon monoxide, and hazardous chemicals. The reports - which chronicle serious injury, amputation, and even death6 - "reveal a troubling pattern of injuries, unsafe conditions, and neglect at Walma11 stores nationwide."7 ? A survey found 74% of Walmart warehouse workers always or sometimes feel pressure to work faster; a quarter disagreed that they "can meet my performance objective/make rate without risking my safety or health." Over half repo1ted experiencing heat stress in the previous three months, and half report bum out from their job.8 ? A Walmart worker who felt faint shortly after reporting to work at a short-staffed store and was reportedly told to "pull herself together'' had a heart attack in the store's bathroom at the end of her shift and died.9 The National Council for Occupational Safety and Health named Walmart one of its "dirty dozen" unsafe companies for 2024. Among other things, the report cited the 1,100 shooting incidents occurring at Walmart stores since 2014, killing 300.10 In November 2022, a Walmart manager killed six after opening fire at work, 11 and in April 2025 a Walmart worker at a Georgia Supercenter shot and killed one coworker and injured another. 12 Strategic leadership from a company's highest levels is critical in creating a corporate culture in which employee well-being is prioritized. Accordingly, this Proposal asks Walmart to report on governance measures adopted to address workplace health and safety. 9 1 https://www.ehstoday.com/safety/article/21I74310/workplace-safety-and-productivity-go-hand-in-hand; https://www.sciencedirect.com/science/article/abs/pii/S0925753523003168 2 https://ohsonline. com/articles/2023/ I 0/27 /protect-workers-and-company-reputation-with-a-culture-of-safety.aspx; https://pmc.ncbi.nlm.nih.gov/articles/PMC5447402/ 3 https://www.clearygottlieb.com/news-and-insights/publication-listing/fulfilling-the-boards-expanded-oversightrole- in-human-capital-management 4 https://www.epi.org/blog/an-average-of-27-workers-a-day-suffer-amputation-or-hospitalization-according-to-newosha- data-from-29-states-meat-and-poultry-companies-remain-among-the-most-dangerous/ 5 https:/ /www.dailydot.com/news/osha-reports-wa1marts-employee-safety / 6 lbid. 7 Ibid. 8 https://webassets.oxfamamerica.org/media/documents/ At_ Work _and_ Under_ Watch.pdf, at 16, 20, 23-24.