New York City pension funds to vote against Wal-Mart directors

[Eugene]

Source: Los Angeles Times

New York City pension funds to vote against Wal-Mart directors

By Shan Li

May 1, 2012, 6:16 p.m.

One more piece of bad news for Wal-Mart Stores Inc.: A group of New York City pension funds, alarmed over allegations of widespread bribery by company officials in Mexico, said they would vote against reelecting five Wal-Mart directors.

The pension officials plan to wield their 4.7 million Wal-Mart shares (and votes) next month at the retail giant's annual shareholders meeting to oust directors who had failed to provide adequate legal oversight over the company's vast operations, according to the New York Times.

Last week, the newspaper reported that Wal-Mart shut down an investigation into alleged bribery in its Mexico operations, where $24 million reportedly exchanged hands in order to speed the approval of new Wal-Mart stores in the country.

New York City comptroller John Liu, who is also trustee of the pension funds, said the retailer has a history of regulatory and legal problems, including reports of child labor violations that surfaced in 2005.

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Read more: http://www.latimes.com/business/money/la-fi-mo-walmart-pension-20120501,0,6776749.story

[russspeakeasy]

1. Wait until the pay off's are done; then we'll see how they vote.

[Sherman A1]

2. While a nice gesture, it would be more impressive if

they divested their shares of Wal Mart.

Want to get their attention? Sell off the shares.