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Wal-Mart CEO, others again get many 'No' votes from shareholders
June 10, 2013 / 2:47 PM / in 4 years

Wal-Mart CEO, others again get many 'No' votes from shareholders

(Reuters) - Wal-Mart Stores Inc (WMT.N) shareholders approved the election of all 14 director nominees at the company’s annual meeting last week, but many again voted against Chief Executive Michael Duke and others as the company continued to face fallout from a Mexican bribery scandal.

Michael T. Duke, President and CEO of Wal-Mart Stores, looks on during the first day of the Clinton Global Initiative 2012 (CGI) in New York, September 23, 2012. REUTERS/Lucas Jackson

Some 12.1 percent of shareholders voted against Duke, while 10.1 percent voted against S. Robson Walton, the son of the discount retailer’s founder, according to results Wal-Mart made public on Monday. Christopher Williams, chairman of the audit committee, had 12.2 percent of votes cast against him.

Other directors got more than 90 percent support.

Duke and others were again targeted this year by large pension funds and activist groups, as they were in 2012 after allegations that Wal-Mart de Mexico bribed officials to expand quickly in Mexico last decade, and that Wal-Mart executives squelched an internal probe.

With a strong majority of votes cast in favor of each director, a boardroom shake-up at the world’s largest retailer is unlikely. The Walton family also owns more than half of the company’s shares, making re-election of its board a foregone conclusion.

For Wal-Mart’s press release on the shareholder meeting voting results: [ID:nBw11MQqka]

Reporting by Phil Wahba in New York; Editing by Marguerita Choy

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