California State Teachers' Retirement System, West Sacramento, will vote against all 14 of the director nominees for Wal-Mart Stores Inc., leading a list of other pension funds opposed to at least some members of the company's boards, according to statements by the funds.
The $163.7 billion CalSTRS, the C$183.3 billion (US$178.7 billion) Canada Pension Plan Investment Board, Toronto, and the $167.8 billion Florida State Board of Administration, Tallahassee, will vote against Michael T. Duke, Wal-Mart president and CEO; S. Robson Walton, Wal-Mart chairman; and Christopher J. Williams, audit committee chairman.
In addition, CalSTRS and the FSBA will vote against H. Lee Scott Jr., former Wal-Mart president and CEO; Jim C. Walton; and Aida M. Alvarez and James I. Cash Jr., both audit committee members; and Steven S. Reinemund, a member of the compensation, nominating and governance committee.
CalSTRS is also voting against directors Marissa A. Meyer, president and CEO of Yahoo Inc.; Roger C. Corbett; Douglas N. Daft; Timothy P. Flynn; Gregory B. Penner; and Linda S. Wolf.
The $127.5 billion New York City Retirement Systems announced Wednesday it will vote against nine directors.
Institutional Shareholder Services recommends clients oppose Mr. Duke, S. Robson Walton and Mr. Williams.
CalSTRS will vote against the top executive compensation in the say-on-pay advisory vote, while the CPPIB, FSBA and the New York City funds will vote to support it. ISS recommends supporting the pay.
In addition, CalSTRS, CPPIB, FSBA and the New York City pension funds will support shareholder proposals calling for an independent chairman and for disclosure of activity involving recoupment of incentive pay from senior officers due to unethical or harmful actions, both resolutions ISS also recommends supporting.
CalSTRS, CPPIB and FSBA will vote against a proposal calling for senior executives to retain part of their Wal-Mart shares until normal retirement age or terminating employment with the company, while the New York funds will vote in favor of it and ISS recommends supporting it.
Wal-Mart, in a statement said: “Each of our board members has demonstrated the qualifications and skills that the board believes are necessary for serving on the company's board. The board recommends that shareholders re-elect each of the 14 nominees.”
