Major pension fund to vote against Wal-Mart board
Source: Reuters
Major pension fund to vote against Wal-Mart board
By Jessica Wohl
Tue May 22, 2012 5:18pm EDT
(Reuters) - CalSTRS, the second largest U.S. public pension fund, plans to vote all of its Wal-Mart Stores Inc shares against the entire board in the wake of allegations that Wal-Mart officials failed to fully investigate bribery claims in Mexico.
CalSTRS, the California State Teachers' Retirement System, said on Tuesday it plans to vote its 5.3 million Wal-Mart shares against the re-election of all board members and encouraged other shareholders to do the same.
CalSTRS has already sued current and former Wal-Mart executives, saying allegations the company paid millions of dollars of bribes in Mexico and a cover-up by Wal-Mart officials raised the question of whether top executives should remain in place.
CalSTRS joins a growing call for shareholders not to vote for at least some Wal-Mart board members, including Chief Executive Mike Duke and former CEO Lee Scott.
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Read more: http://www.reuters.com/article/2012/05/22/us-walmart-calstrs-idUSBRE84L0VO20120522
