Massachusetts pension fund votes against Wal-Mart directors

[Judi Lynn]

Source: Reuters

Massachusetts pension fund votes against Wal-Mart directors
By Svea Herbst-Bayliss
BOSTON | Tue May 29, 2012 11:19am EDT


May 29 (Reuters) - Massachusetts' state pension fund said Tuesday it voted against the re-election of seven Wal-Mart Stores Inc directors, the latest public pension fund to protest allegations of a widespread bribery scheme in Mexico and subsequent cover-up.

"We need to make it clear that these kinds of corporate abuses are not acceptable, and that serious repercussions happen when problems are not appropriately addressed," said Massachusetts Treasurer Steven Grossman, who chairs the pension fund. "Shareholders own public companies, not the other way around."

The $50 billion state pension fund owns 923,626 shares worth $60 million, of Bentonville, Arkansas-based Walmart.

~snip~
In recent days, the California Public Employees' Retirement System (CalPERS), the California State Teachers' Retirement System (CalSTRS), the New York City Pension Fund and the Connecticut state pension fund all said they planned to vote against certain directors in the wake of the scandal.

Read more: http://www.reuters.com/article/2012/05/29/walmart-massachsusetts-idUSL1E8GT66W20120529?rpc=401&feedType=RSS&feedName=fundsFundsNews&rpc=401

[Kingofalldems]

1. K and R for the big fan of

Wal Mart's 'business plan'.

[Sherman A1]

2. K&R

[Omaha Steve]

3. K&R!

[IamK]

4. wouldn't divesting be a bigger message?

they are saying we don't like what you did, but if it makes you money, we get some also.....