Walmart shareholders registered a significant protest against the retail company’s executives at last month’s annual meeting, as the bribery scandal surrounding its Mexico subsidiary continued.
Votes against the re-election of Walmart’s top executives ranged from 12.63% against the chairman, S Robson Walton Jr, to an alarming 15.65% against H Lee Scott Jr, president and CEO at the time of the alleged bribery.
Shareholder and Walmart employee Jackie Goebel submitted a proposal to restrict the executives’ pay rise at the meeting in Arkansas, referring to alleged bribes totalling $24m (£15.3m, €19.2m) to Mexican officials to speed planning clearance for new stores.
She said: “We have all felt the pain, the scandal and the dishonour that this has brought to our company.”
Walmart faces an investigation by the US Department of Justice and the Securities & Exchange Commission over the alleged bribes and the board’s failure to act since the complaint was reported to it in 2005.
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