Wal-Mart Firing Back At Proxy Firm
NEW YORK (AP) -- Wal-Mart is firing back at a prominent proxy advisory firm that critiqued the company's executive pay plan and how it's handled an overseas bribery probe.
Institutional Shareholder Services earlier this week urged shareholders to vote against Wal-Mart's executive pay plan and to back a resolution for the appointment of an independent chairman.
Those issues go to a vote June 6 at the company's shareholder meeting.
In a regulatory filing Thursday, Wal-Mart said that the ISS analysis "misconstrues" its compensation plan.
It says the analysis is based on information provided by a union-backed group that has a long history of opposition to Wal-Mart Stores Inc.
It also took issue with the proxy adviser's recommendation to vote against re-election for board members Robson Walton and Mike Duke.