NEW YORK (AP) — Two leading proxy adviser firms are telling Wal-Mart shareholders to vote against certain board members up for re-election next week, saying the directors neglected their responsibility in an alleged bribery scheme in Wal-Mart's Mexican operations.
The firms ISS and Glass Lewis & Co Inc. recommended in separate reports that their clients not support CEO Mike Duke and former CEO Lee Scott, among others, for seats on the board. Scott was CEO when Wal-Mart was investigating the alleged bribery practices in late 2005, and Duke was leading the company's international business.
"We believe that these directors, in their current or former positions as executives with direct responsibilities relating to the matters, should have been aware of the credible threat of widespread bribery involving the company's Mexican subsidiary and acted more proactively to full investigate and resolve the claims," Glass Lewis & Co. said Friday.
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