Wal-Mart Stores Inc.'s shareholders re-elected all 15 board members and elected one new board member, according to a webcast of the Bentonville, Ark.-based company's shareholders meeting Friday.
The results came after several of the nation's largest public pension plans in the last two weeks announced it would vote all of its shares against the re-election of some or all of the directors, many because of allegations that top executives had shut down an internal Wal-Mart investigation into claims of bribery by officials of Wal-Mart's Mexican subsidiary in 2005.
Wal-Mart will release the full results next week in an 8-K filing with the SEC.
The $229.4 billion California Public Employees' Retirement System, Sacramento, voted its 7.6 million shares against the re-election of nine directors who were in a position of authority and oversight during the period of bribery allegations. The $153.7 billion California State Teachers' Retirement System, West Sacramento, voted its 5.3 million shares against re-electing the entire board, citing a breach in fiduciary responsibility.
The $50 billion Massachusetts Pension Reserves Investment Management board, Boston, voted its 963,626 shares against the re-election of seven board members that were deemed “too close” to the alleged bribery scandal. The $37.6 billion Maryland State Retirement & Pension System, Baltimore, voted its 1.2 million shares against re-electing the entire board and the $24.7 billion Connecticut Retirement Plans & Trust Funds, Hartford, voted its $38 million in shares against seven board members.
CalSTRS on May 3 filed lawsuit in Delaware Chancery Court in Wilmington against the Wal-Mart board, claiming it failed to provide proper oversight and seeking corrective action over the alleged shutdown of the bribery investigation.
