Wal-mart execs get negative votes from shareholders
Michael Duke, Chief Executive Officer of Wall-Mart Stores Inc., received a significant number of votes against him, yet again, during the company's annual shareholder's meeting last week. Fourteen directors were elected at the meet, while Duke and many others garnered less that favorable results.
Duke, with 12.1 percent of shareholders voting against him, is in the middle of a bribery scandal together with S. Robson Walton, who received 10.1 percent of votes against him.
Chairman of the audit committee Christopher Williams also had 12.2 of votes cast against him.
In comparison, other officials received more than 90% positive votes.
Duke is accused by activist groups of bribing the Mexican government to speed up the construction and expansion of Wal-mart de Mexico during the last ten years.
Despite the negative votes from the shareholders, a change of management in the retailing giant in highly improbable. Walton owns half of the shares of the company, dismissing any possibility of a boardroom shakeup.