Wal-mart’s proxy vote shows dissent

Wal-Mart’s final shareholder vote for its board of directors showed unprecedented dissent against key executives and board members, including CEO Mike Duke, following allegations of bribery in Mexico.

All the company’s nominees were re-elected. But the rise in votes against key leaders underscores how the bribery case could distract the world’s largest retailer as it tries to continue its sales momentum in the U.S. and overseas.

According to results released by Wal-Mart on Monday, 13% of the 3.4 billion shares were voted against the re-election of Duke to the company’s board. Nearly 13% were against Chairman Robson Walton, the son of founder Sam Walton, and 15.6% went against former CEO Lee Scott.

Excluding family- and insider-owned shares, more than 32% of shares were against Duke, a little more than 31% against Walton and a little more than 38% against Scott, according to an analysis by Michael Garland, who represents New York City Comptroller’s Office. A year ago, Wal-Mart’s board got, on average, 98.4% support.

A story by The New York Times published in April said the world’s largest retailer allegedly failed to notify law enforcement after finding evidence that officials authorized millions of dollars in bribes in Mexico to get speedier building permits and other favors.

It has been reported that federal authorities in the U.S. and Mexico are investigating Wal-Mart for potential violations.