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N.Y. pension funds plan to challenge Wal-Mart

The pension funds plan on using their significant votes to try to topple Wal-Mart executives associated with a recent Mexican bribery scandal.

By Andy Stonehouse | Updated on May 01, 2012

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.

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