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Pension fund to vote against Wal-Mart board

By zzyzzx   Follow   Tue, 22 May 2012, 12:06pm   502 views   5 comments
In Baltimore MD 21230   Watch (0)   Share   Quote   Permalink   Like   Dislike  

http://finance.yahoo.com/news/pension-fund-vote-against-wal-181757689.html

California State Teachers' Retirement System to vote against Wal-Mart's board nominees

NEW YORK (AP) -- One of the nation's largest pension funds says it will vote its 5.3 million shares against all of Wal-Mart's nominees to the board of directors at the annual shareholders' meeting next week.

The California State Teachers' Retirement System says it has lost faith in the board's independence amid allegations of bribery in Wal-Mart's Mexican operation.

Wal-Mart's slate of nominees comprises 15 incumbents including CEO Mike Duke and a new nominee who is a Google Inc. executive.

The pension fund filed a lawsuit in early May that seeks changes in corporate governance at the world's largest retailer.

In late April, The New York Times reported that Wal-Mart allegedly failed to notify law enforcement after its own investigators found evidence of a bribery scheme in Mexico.

Wal-Mart has about 3.4 billion shares outstanding.

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1. zzyzzx Follow Befriend (9) 410 threads 4,107 comments Baltimore, MD

   1   12:06pm Tue 22 May 2012   Share   Quote   Permalink   Like   Dislike   Obligatory:

2. Vicente Follow Befriend (8) 203 threads 4,403 comments Davis, CA

   2   12:18pm Tue 22 May 2012   Share   Quote   Permalink   Like   Dislike   So let's see.... (5300000/3400000000)*100=.155882353% They're going to need a bigger boat.

3. FortWayne Follow Befriend (13) 102 threads 3,759 comments

   3   3:47pm Tue 22 May 2012   Share   Quote   Permalink   Like   Dislike   Don't think that vote matters much. The only way to get business done in Mexico is through bribery. And everyone knows that.

4. zzyzzx Follow Befriend (9) 410 threads 4,107 comments Baltimore, MD

   4   7:19am Thu 24 May 2012   Share   Quote   Permalink   Like   Dislike   Vicente says So let's see.... (5300000/3400000000)*100=.155882353% They're going to need a bigger boat. I know, but this article caught my attention because I often vote against board members.

5. clambo Follow Befriend (5) 1,070 comments Santa Cruz, CA

   5   8:17am Thu 24 May 2012   Share   Quote   Permalink   Like   Dislike (1)   Walmart is successful and makes money. The California teachers retirement fund is probably not.