Wal-Mart Directors Draw Flak From Glass Lewis Over Bribery
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Wal-Mart Stores Inc.’s more than three-year-old foreign-bribery scandal remains a concern for Glass Lewis & Co., which is telling investors to vote against three board members over the issue.
The shareholder-advisory firm released a list of recommendations for Wal-Mart’s shareholder meeting on June 5, offering a mixed view of the company. While it endorsed 12 of the 15 board nominees, it also called for an independent chairman -- something Wal-Mart has opposed. Institutional Shareholder Services Inc., another shareholder adviser, supported all the board candidates, though it too would like the chairman to be someone from outside the company.