Once a paragon of Red State values, it's being criticized for bowing to political correctness.
For investors, most annual meetings are anything but a hot ticket. They're typically held in small auditoriums and feature an agenda that makes C-Span look like an action thriller. Then there's Wal-Mart, the Arkansas-based retailer whose shareholder meetings are celebrity-packed, high-wattage showcases. Last year's gathering featured the comedian Sinbad and musical numbers by Jennifer Lopez and the cast of "High School Musical."
But amid these surprise performances, the most unexpected moment came when shareholder activists were each given three minutes at the podium. Most offered run-of-the-mill liberal criticisms that hit every large company: a Roman Catholic nun urged Wal-Mart to support universal health insurance; several speakers suggested the company rein in executives' huge paychecks. But from the other end of the spectrum came Peter Flaherty, lambasting Wal-Mart for being too nice to unions, too concerned about the environment and too accommodating to gays and lesbians. "People shop at Wal-Mart because of low prices, not because the company is politically correct," Flaherty shouted at the crowd.
Come again? With its deep roots in Red State America and a reputation for upholding "family values," Wal-Mart seems an unlikely target for conservative criticism. It's the company that banned sales of CDs with offensive lyrics, refused to stock racy magazines like Maxim and declined (until 2006) to sell the Plan B emergency contraceptive pill. But in recent years, as it faced growing pressure from liberal activists, Wal-Mart has begun to make changes. It began offering more-robust health-insurance coverage to workers. Its CEO voiced support for raising the minimum wage. It has launched an ambitious environmental program.
As a result, while Wal-Mart continues to face criticism from liberal groups, it's now simultaneously being criticized by some conservatives, who say the company's concessions to liberals are hurting its business. "This is kind of a guerrilla fight," says Flaherty, who heads a tiny right-wing think tank called the National Legal and Policy Center (NLPC), which holds just a few thousand dollars in Wal-Mart stock.
http://www.newsweek.com/id/139426?GT1=43002