A group of investors, including pension plans from Connecticut and Sweden and the United Automobile Workers medical benefits trust, is sponsoring a shareholder proposal related to an inquiry over Wal-Mart Stores’ potential violations of the Foreign Corrupt Practices Act. The proposal asks that Wal-Mart disclose whether the company is holding current and former executives financially responsible for breaching company policies. Calpers, the nation’s largest public pension fund, which owns about $400 million in Wal-Mart shares, says it continues to be concerned about the Mexico inquiry, and it is troubled by recent Wal-Mart supply-chain issues. It says it will vote against several board members and support several shareholder proposals. “We’re extremely concerned about Wal-Mart’s monitoring on its supply chain — the fires and deaths in Bangladesh, and other concerns about supply-chain issues in the U.S.,” said Anne Simpson, senior portfolio manager for investments at Calpers.-excerpt from sheeple wake up nytimes/2013/06/07/business/more-dissent-is-in-store-over-wal-mart-scandal.html?pagewanted=all&_r=0
Posted on: Fri, 07 Jun 2013 18:29:41 +0000