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Two key proxy firms urge Wal-Mart shareholders to oppose CEO

ISS, whose clients mostly include pension funds, has recommended voters not support Wal-Mart's CEO, based on alleged Mexican bribery claims.

By Anne D'Innocenzio | Updated on May 22, 2012

NEW YORK (AP) — Two leading proxy adviser firms are telling Wal-Mart shareholders to vote against certain board members up for re-election next week, saying the directors neglected their responsibility in an alleged bribery scheme in Wal-Mart’s Mexican operations.

The firms ISS and Glass Lewis & Co Inc. recommended in separate reports that their clients not support CEO Mike Duke and former CEO Lee Scott, among others, for seats on the board. Scott was CEO when Wal-Mart was investigating the alleged bribery practices in late 2005, and Duke was leading the company’s international business.

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