|
He added, "acting with integrity is not a negotiable part of our business. We will do the right thing the right way, and we hope people will judge us by our actions after the investigation is concluded." The New York Times published a report in April saying the world's largest retailer allegedly failed to notify law enforcement after finding evidence that officials authorized millions of dollars in bribes in Mexico to speed building permits and gain other favors. Duke was head of Wal-Mart's international business at the time of the probe, and Scott was CEO. It's not clear what board members like Walton knew. Following the allegations, it has been reported that federal authorities in the U.S. and Mexico are investigating Wal-Mart for potential violations. Investors are suing top executives. And shareholder groups, including the nation's two largest public pension funds, which are in California, called for the removal of several board members. Two leading proxy adviser firms, ISS and Glass Lewis & Co. Inc., recommended Wal-Mart shareholders vote against certain board members up for re-election. They said executives neglected their responsibility relating to the alleged bribery scheme. At Wal-Mart's shareholders meeting, Walton and Duke emphasized integrity. "Wal-Mart is committed to compliance and integrity everywhere we operate. I want to personally assure you, we're doing everything we can to get to the bottom of this matter," said Duke in an address to 14,000 shareholders and associates Friday. The world's largest retailer has said it is overhauling its compliance program and expanding its internal investigation into the accusations to other countries. Wal-Mart's shares rose 44 cents to close at $65.99 on Monday, hovering around a 12-year high. The stock has been rebounding since mid-May, when the company released strong first-quarter earnings results and it has more than made up for a 7 percent drop that came right after the bribery allegations surfaced.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor