Wal-Mart Prepares Itself for Stormy Annual Shareholder Meeting (WMT)

PUBLISHED: 02 Jun 2012 @ 00:37 | Comments (0) | More info about Ed Liston

As Wal-Mart Stores Inc. (NYSE:WMT) gears up for an annual general meeting on Friday, massive backlash is expected from investors and fragmented shareholder groups who are unhappy over company’s alleged role in a bribery scandal in Mexico.

Infuriated over past deeds of executives and board of directors, these groups are calling for an ouster of Company’s CEO and other top executives.

A 60 year old company employee for past 20 years, Jackie Goebel is furious over the allegations as he said that his company’s misdeeds in Mexico forced him to “pick up a head of steam”.

Goebel represents a group called Organization United for Respect at Wal-Mart, also supported by major grocery unions, spent past two days exhorting shareholders to vote against directors believed to be behind unethical practices.

Meanwhile, Wal-Mart time after time denied commenting over the specific allegations until investigations are over.

Earlier in April, an investigation published in New York Times, alleged that management at Wal-Mart Mexico were involved in large-scale bribing, amounting to $24 million in order to help it grow rapidly in a new market while its top management tried to brush this matter under the carpet.

Currently, the allegations are being investigated by the Securities and Exchange Commission (SEC), the U.S. Department of Justice and some government agencies in Mexico.

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