FAYETTEVILLE, ARK. (AP) — While Wal-Mart's U.S. business is roaring back, the world's largest retailer will face scrutiny from shareholders at its annual meeting Friday in the wake of allegations that top executives neglected their responsibility in a bribery scandal in Mexico.
Shareholder groups, including the nation's two largest public pension funds, and key proxy adviser firms have called for the removal of several board members, including CEO Mike Duke and former CEO Lee Scott. Investors have filed lawsuits against top executives.
The descendants of founder Sam Walton own about 50 percent of Wal-Mart's shares, so activist shareholders have little chance of voting out the board members. But any lack of support for the leaders is a blow to the retailer, which has worked hard to rebuild its reputation. Such criticism could dampen the festivities of the celebrity-laden event, which will celebrate the company's 50th anniversary.
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