Wal-Mart | WMT | Meeting Date: 2013/06/07
Over the past several years, Walmart has faced significant scrutiny, ranging from widespread and continuing bribery allegations to an association with unsafe factories in Bangladesh. We continue to believe that certain of the Company’s longer serving directors have failed to implement rigorous risk controls that would have prevented these events and reduced the damage to the Company’s reputation. Given the wide scope of the Company’s operations as well as its exposure to reputational risks and risks associated with bribery and other violations of the Foreign Corrupt Practices Act, we believe that shareholders would benefit from independent board leadership as well as increased disclosure with regard to actions that the Company has taken in response to violations of its ethical standards.
Wal-mart is to pay $110 million to settle over its ties to garment factories in Bangladesh, bribery allegations and now, potentially, as a result of its violation of environmental regulations. On May 28th, the Environmental Protection Agency (“EPA”) announced that Walmart pled guilty to federal environmental crimes and civil violations. The company will pay more than $81 million to settle six counts of violating the Clean Water Act by illegally handling and disposing of hazardous materials at its retail stores and to settle violations of the Federal Insecticide, Fungicide and Rodenticide Act from its failing to properly handle pesticides that had been returned by customers at its stores. Additionally, Walmart settled a civil case filed by the EPA as well as cases brought by the states of California and Missouri. In total, Walmart will pay more than $110 million to resolve these violations of federal and state environmental laws.
For more on the $110 million settlement, we have the full story for your perusal.
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