Walmart Shareholders Urge Company to Disclose Recoupment From Senior Executives for Actions Causing Financial or Reputational Harm
(Targeted News Service Via Acquire Media NewsEdge) HARTFORD, Conn., June 13 -- The Connecticut Treasurer issued the following news release:
At Walmart's annual meeting on June 6th, 38 percent of independent shareholders voted to require the company to annually disclose whether Walmart recouped pay from its senior executives for breaking laws and causing significant financial and reputational harm. The vote is up from last year's vote of 32 percent on a similar proposal co-sponsored by the Connecticut Retirement Plans and Trust Funds ("CRPTF").
"For Walmart to improve its short-term financial performance and sustain long-term shareholder value, it is essential for the Board to step up its management of risk," said State Treasurer Denise L. Nappier. "Among other high-profile misadventures, Walmart recently was charged with illegally threatening and punishing workers protesting for better pay and working conditions. Directors of Walmart would do well to better link executive pay with ethical behavior as other companies -- including United Technologies, Lockheed Martin and Capital One -- have done. Improving transparency and accountability only adds to a company's long-term sustainability."
Filers of this year's proposal, in addition to the CRPTF, include: UAW Retiree Medical Benefits Trust; Illinois State Board of Investment; Amalgamated Bank Long View Funds; and F&C Management Ltd.
More details are set forth in the following press release from the UAW Retiree Medical Benefits Trust and the Illinois State Board of Investment.
Click here (http://www.ott.ct.gov/pressreleases/press2014/PR061314ShareholdersonWalmartClawbacks.pdf) to view the press release.
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