NEW YORK (AP) - New York City Pension Funds says shareholders should vote against the re-election of Wal-Mart Stores Inc. CEO Mike Duke and four other directors due to concerns about the world's largest retailer's bribery investigation in Mexico.
The Pension Fund owns 5.6 million shares of Wal-Mart. In a letter to shareholders on Wednesday, the entity says shareholders should vote against Duke, H. Lee Scott Jr., Arne M. Sorenson, S. Robson Walton and Christopher J. Williams during the company's annual meeting on June 1.
In late April, The New York Times reported Wal-Mart allegedly covered up results of an internal probe proving that its Mexican subsidiary bribed officials there.
The Fund says it has concerns with the board's independence.
Wal-Mart says its directors and committees satisfy all New York Stock Exchange independent standards and other requirements.
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