Skip navigation

NYC Funds to Vote Against Wal-Mart Directors

NEW YORK — New York City pension funds said Tuesday they intend to vote against five Wal-Mart Stores directors standing for election at the company’s annual shareholder meeting next month, citing recent reports of bribery and a cover-up in Mexico.

The city’s comptroller’s office added that the Bentonville, Ark. retailer had been unresponsive to previous requests to investigate its legal and regulatory controls.

Related story: Bribery, Cover-Up Alleged at Walmart Mexico

“Wal-Mart presents itself as a leader in corporate ethics, but it is clear that the company’s leadership does not practice what it preaches,” John Liu, New York City comptroller, said in a statement. “The bribery allegations are damaging, but reports of a widespread cover-up, involving Wal-Mart’s top executives, could have even more devastating consequences. Time and again our pension funds have approached Wal-Mart’s board with serious concerns about its practices in the U.S. and abroad and received only empty reassurances. This board has failed its shareholders.”

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish