As a direct reaction to the recent revelations of cover-ups of systemic bribery plaguing its Mexican operations, some of Wal-Mart's more significant shareholders,the consolidated New York City pension funds, said they will align their votes against the retailer's existing directors.
According to the New York Times, the pension funds, which hold 4.7 million Wal-Mart shares as part of their holdings, plan to use their collective votes to try to remove five of the company's directors, who are up for re-election June 1.
A week ago, the Times revealed that Wal-Mart's investigators had found evidence of widespread bribery to attempt to expand the retailer's already significant presence in Mexico, with the added insult that Wal-Mart executives later shut down the investigations.
Recommended For You
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
