New York Pension Funds To Vote Against Walmart Directors In Wake Of Scandal

May 1 (Reuters) - A group of New York City pension funds will vote their 4.7 million shares against five Wal-Mart directors following reports senior executives stymied an internal investigation into alleged payments of bribes in Mexico, City Comptroller John Liu said.

The New York Times reported last month a senior Wal-Mart lawyer received an email from a former executive at Walmex in 2005 describing how the Mexican affiliate had paid bribes to obtain permits to build stores in Mexico.

The newspaper also said senior Wal-Mart officials stymied an internal investigation into the alleged bribery, which involved suspect payments worth $24 million.

Wal-Mart has said it will cooperate with authorities looking into the allegations. It could not immediately be reached for further comment on Tuesday outside regular U.S. business hours.

Liu said the bribery allegations were damaging, but reports of a widespread cover-up, involving Wal-Mart's top executives, "could have even more devastating consequences."

"Time and again our pension funds have approached Wal-Mart's board with serious concerns about its practices in the U.S. and abroad and received only empty reassurances. This board has failed its shareholders," Liu said.

The pension funds, which represent only a tiny fraction of Wal-Mart's total equity, said they would vote against Chairman Robson Walton, Chief Executive Michael Duke, former CEO Lee Scott, current audit committee chairman Christopher Williams, and audit committee director Arne Sorenson at the company's annual shareholders meeting on June 1.

However, the funds said Walton's 49.5 percent ownership effectively guaranteed his re-election and that of his fellow directors.

The New York City Pension Funds consist of the New York City Employees' Retirement System, Teachers' Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund and the Board of Education Retirement System.

Comments

[abbadabba]

12:08 AM on 05/09/2012

I'd say WalMart is a greaser corporation if it didn't offend the civil part of myself. Oooops, sorry, betterself. What a bunch of can't get it done anyway but illegally cartelers. I bet they even hang well together, WalMart and the Cartel's. They exploit labor on both sides of the border!

"...Blang didi blang didi blang didi blang, Bonanza!..." Yeah, those Cartwheels ripped off Old Mexico's ripp off. Both were a bunch of Imperialdickheads. And so are cartels and WalMart.

[chris hatala]

05:03 AM on 05/02/2012

Walmart is screwing everyone. It has ruined America.

[sueinmn]

03:19 PM on 05/01/2012

Why are pension funds invested in a company that drives down american labor costs and also is the largest anti union corpororation (outside of the Kocks)?

[realitybaby]

04:14 PM on 05/01/2012

yeah u would think the it would be a no brainer for the Union reps - very odd.

[Mot T]

10:18 AM on 05/01/2012

No, they didn't just fail the shareholders, they failed the nation and the rule of law. Of course the rule of law means nothing when laws are bent after the fact so there is no accountability. Walmart influencing Chamber of Commerce and its attacks on the Foreign Corrupt Practices Act is just over the top. Walmart execs don't just need to be voted out, they need to go to jail. If you break laws, there should be consequences. Unfortunately, in our current Justice System and Political System, those consequences can be sold by the political and judicial elite in the country who don't enforce laws.

It is interesting that we want teachers to hold the line on integrity when it comes to doing school work and making the grade but when it comes to big money, our political elite will sell out to the highest bidder.

We are all worse off when this happens.

Tom T.

[RONALD MCKENZIE]

09:52 AM on 05/01/2012

Are bribery frees tax deductable for these fascist like corporations?

[abbadabba]

12:00 AM on 05/09/2012

Depends on how they booked them, Danno. I bet you're right. It seems a likely pattern. "Expenses" are expenses. I love when they screw with the IRS. Those guys have a lot more clout than Justice. At least they did in Capone's time. Bet Bush whacked a lot of good IRS lawyers.

[mnyegele]

09:07 AM on 05/01/2012

I don't shop at WalMart because it's anti-union. If I watch the price cycles, I can get the same "deals" at a supermarket with unionized workers. By shopping at a union store, I'm trying to help everyone live better - not just Sam Walton.

[ErnestineBass]

09:47 AM on 05/01/2012

You can't help Sam Walton live better - he's dead.

[g9]

07:50 PM on 05/01/2012

you can be sure that sam is rolling in the grave because of what "the children" have done with his principles...
....Remember when he BRAGED ...MADE IN AMERICA,,,,
something great about buying goods that gave your neighbors jobs & a decent livelyhood...
Walmartis the dev=ilstore

[blackranger]

08:38 AM on 05/01/2012

Pension holders should demand the pensions remove their investments in Walmart, that would be the right thing to do.

[Tquin]

09:19 AM on 05/01/2012

If you like to lose money, it is the right thing to do.

[blackranger]

09:48 AM on 05/01/2012

So people who do not have stock in Walmart lose money? Hmm, that is very interesting. I suppose you think that investing in wall street is a great idea?

[ErnestineBass]

09:57 AM on 05/01/2012

Walmart stock is no longer a producer, It peaked in late 1999.