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Pension fund to vote against Wal-Mart board
- Published on 05/22/2012 - 11:27 am
- Written by Associated Press
(AP) — One of the nation's largest pension funds says it will vote its 5.3 million shares against all of Wal-Mart's nominees to the board of directors at the annual shareholders' meeting next week.
The California State Teachers' Retirement System says it has lost faith in the board's independence amid allegations of bribery in Wal-Mart's Mexican operation.
Wal-Mart's slate of nominees comprises 15 incumbents including CEO Mike Duke and a new nominee who is a Google Inc. executive.
The pension fund filed a lawsuit in early May that seeks changes in corporate governance at the world's largest retailer.
In late April, The New York Times reported that Wal-Mart allegedly failed to notify law enforcement after its own investigators found evidence of a bribery scheme in Mexico.
Wal-Mart has about 3.4 billion shares outstanding.