After the Walmart annual meeting in June, three of the company’s directors will be stepping down from their positions. The exit of Jim Breyer, Michele Burns, and Arne Sorenson will leave Walmart’s Board of Directors will be even weaker and more compromised than it already was.
In a Securities and Exchange Commission filing late last month, Walmart said it expects to incur a loss as a result of investigations and lawsuits related to the alleged systematic bribery scheme in its Mexican subsidiary. “Given the on-going nature and complexity of the review, inquiries, and investigations,” the company wrote, “we cannot reasonably estimate any loss or range of loss that may arise from these matters.”
Failures of Internal Oversight: Massive Scandal Exposed; Federal Investigation Continues
This year, thousands of activists stood up to the Walmart 1% across the country. It was a busy year for the one percent—and for the rest of us. There was the news of alleged bribery and corruption in Mexico, Walmart leaving ALEC under pressure from the public (here’s hoping the Walton Family Foundation follows their lead next year), forced labor at Walmart suppliers, warehouse worker strikes, and a Black Friday to remember when Walmart associates went on strike over the company’s retaliation and attempts to silence those who spoke out for improvements on the job.
Mitt Romney clinched the Republican nomination for president last week. With that in mind, we bring you the second installment in our weekly series, the Six Degrees of the Walmart 1%.
