Wal-mart executives stress the retailer is committed to integrity

FAYETTEVILLE, Ark. — Wal-Mart Stores Inc. Chief Executive Mike Duke said the retailer is committed to integrity in the wake of recent bribery allegations in Mexico.

Duke joined other executives including Chairman Robson Walton, the son of founder Sam Walton, at the company’s annual meeting Friday in pledging that WalMart will get to the bottom of the allegations.

This comes after the world’s largest retailer has said that it is overhauling its compliance program and expanding its internal investigation into the accusations to other countries.

“We’ve all heard about the recent allegations about the company,” Duke said to a crowd of about 16,000. “Let me be clear: Wal-Mart is committed to compliance and integrity everywhere we operate. I want to personally assure you, we’re doing everything we can to get to the bottom of this matter.”

The meeting could have been a triumphant moment for the world’s largest retailer, which is celebrating its 50th anniversary and seeing its U.S. results make a comeback. But instead executives were forced to spend much of the meeting reassuring shareholders that the company will be able to retain its integrity as it continues to expand globally.

The meeting, which capped a weeklong slate of events, follows reports that the world’s largest retailer allegedly failed to notify law enforcement after finding evidence that officials had authorized millions of dollars in bribes in Mexico to get speedier building permits and other favors.

Meanwhile, federal authorities in the U.S. and Mexico reportedly are investigating Wal-Mart for potential violations. Investors have filed lawsuits against top executives. And some shareholders have called for the removal of several board members, including Walton, Duke and ex-CEO Lee Scott.