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WAL-MART's 50TH
09 Jun 2012, 12:32 PM  Watch Video
Where in the world would you find Lionel Ritchie, Justin Timberlake, Taylor Swift & Celine Dion - all in one place at 7 am? No idea? Think Wal-Mart!

A Celebrity opening, a comic skit and a 6 time Grammy award winner's performance... Wal-Mart pulled out all the stops for its 50th shareholder meeting held last week. But not once in those 4 hours did management mention Mexico or bribery says Catherine Dunn reporter with Corporate Counsel

Catherine Dunn

Staff Reporter, Corporate Counsel

"They certainly made reference to the allegations that were made against them, they repeatedly made references to the company's culture of integrity and the legacy of their founder Sam Walton, we saw chairman Rob Walton make references that they wont tolerate violation of the FCPA, which people think could be the issue with the allegations reported by New York Times, but did they use the words bribery or Mexico...no they didn't."

Catherine Dunn

Staff Reporter, Corporate Counsel

"What happened at the meeting was that 3 shareholders presented proposals and each of the 3 rebuked the company and said that their rebukes were in light of the new York Times reporting, so shareholders talked about it at the meeting and in the lead up to the meeting we saw a lot of institutional investors and I am talking of major US pension funds saying that they weren't satisfied with board independence at Wal-Mart & they were going to vote against the directors accordingly."



In April, The New York Times reported on alleged bribery payments made by Wal-Mart de Mexico to obtain construction permits for its stores. The Times said that the senior management quashed an internal investigation. Since that story broke many of Wal-Mart's institutional investors have pushed for board changes.

Catherine Dunn

Staff Reporter, Corporate Counsel

"There are a number of pension funds who are not happy with the number of directors serving on the board who had key oversight
 
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