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Monday, June 9, 2014

Walmart on Drugs

On June 6, 2014, Walmart conducted its annual stockholder meeting under “scrutiny on all fronts.”[1] Revenue at the company’s stores in the U.S. had declined for five consecutive quarters. Walmart was also facing ethical questions over how the company’s executives handled bribery allegations at the Mexican division, as well as on the low wages going to non-supervisory workers (esp. part-timers). In short, the question facing the management was whether the company was being managed by cutting corners, as manifest both in terms on incompetence and unethical conduct. That the shareholder proposal to split off the chair of the board from the CEO did not meet even a preliminary tally of votes suggests that the company would sooner go under than that its management would be held to account.





[1] Anne D’Innocenzio, “Walmart Faces Shareholder Scrutiny at Annual Meeting,” The Associated Press, June 6, 2014.