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Calif. pension fund to vote against Walmart board

Associated Press

  May 23, 2012

One of the nation’s largest pension funds says it will vote its 5.3 million shares against all of Wal-Mart’s board nominees — including the company’s current and former CEOs — at the retailer’s annual meeting next week. The California State Teachers’ Retirement System, known as CalSTERS, said Tuesday that it has lost faith in the board’s independence amid allegations of bribery in Wal-Mart’s operations in Mexico.

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