Liu Speaks Out As NYC Pension Funds To Vote Against Walmart Directors
NEW YORK (CBSNewYork) - In the wake of a bribery scandal, New York City's pension fund managers plan to vote against the re-election of several members of the Walmart board, and City Comptroller John Liu has spoken out.
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Several executives at Walmart are accused of interfering in an internal investigation of allegations that the company bribed Mexican officials to allow the company's expansion in that country.
In response, New York City's pension funds will on June 1 use their 4.7 million shares of Walmart to vote against the re-election of five members of the company's board of directors, WCBS 880's Rich Lamb reported.
Liu told Lamb that Walmart presents itself as a leader in corporate ethics, but it's clear the company's leadership does not practice what it preaches.
Of the bribery and cover-up allegations, the comptroller said, "This is of serious concern to the pension funds. We're major shareholders of this company, have over a quarter billion dollars worth of holdings, and we want to protect the long term value of these shares."
Liu said he would not necessarily call the city's action plan a moral stance, but said that it is one that is in the interest of pensioners and taxpayers.
The pension funds include the the New York City Employees' Retirement System, Teachers' Retirement System, New York City Police Pension Fund, New York City Fire Department Pension Fund, and the Board of Education Retirement System.
Walmart has long tried to open a store in New York City, with no success. Would you welcome them into the city? Sound off in the comments section below.
