Wal-Mart, the world’s largest retailer, fired back at a prominent proxy advisory firm that critiqued the company’s executive pay plan and how it’s handled an overseas bribery probe. Institutional Shareholder Services earlier this week urged shareholders to vote against Wal-Mart’s executive compensation package and asked them to back a resolution for the appointment of an independent chairman. It also recommended shareholders vote against the re-election of board members Robson Walton, the company’s chairman, and Mike Duke, recently Wal-Mart’s CEO. The ISS cited the failure of the board to provide more information to shareholders about specific findings of an investigation into bribery outside of the United States.
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