As a direct reaction to the recent revelations of cover-ups ofsystemic bribery plaguing its Mexican operations, some ofWal-Mart's more significant shareholders,the consolidated New YorkCity pension funds, said they will align their votes againstthe retailer's existing directors.
According to the New York Times, the pension funds, which hold 4.7million Wal-Mart shares as part of their holdings, plan to usetheir collective votes to try to remove five of the company'sdirectors, who are up for re-election June 1.
A week ago, the Times revealed that Wal-Mart's investigators hadfound evidence of widespread bribery to attempt to expand theretailer's already significant presence in Mexico, with theadded insult that Wal-Mart executives later shut down theinvestigations.
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