The Waltons – who became the richest family in the world by inheriting Wal-Mart – are going to make a stealth appearance in the State Of The Union tonight when President Obama discusses his proposals to close tax loopholes that unfairly benefit the ultra-rich.
The new Forbes 400 list of the richest people in America is out today and the four Walton heirs who own Walmart are all in the top ten once again.
The Walmart heirs are donating very little of their growing $145 billion1 in wealth and lag far behind their peers at the top of The Forbes 400, according to a new analysis by the Walmart1Percent of charitable giving by America’s ten richest people between 2008 and 2013.
How did Walmart’s leaders respond to the myriad employees, investors, and proxy advisors urging the company to strengthen corporate governance standards by establishing an independent board chairman? Why, by entrenching Walton control of the company, of course, appointing director Greg Penner as the board’s vice chair and setting him up to succeed his father-in-law Rob Walton as chairman of the company.
For the second year in a row, Walmart shareholders will consider a resolution calling for the establishment of an independent chairman for the company’s board of directors. While investors have long expressed concern about the company’s failures in corporate governance and internal controls, that concern became more acute starting in 2012 after the New York Times published Pulitzer-winning expose detailing an (alleged) systematic campaign of bribery at Walmex, plus an executive-led campaign to cover it up.
This year marks the 50th anniversary of the food stamp program, now known as SNAP, which one in seven Americans now relies on to have enough to eat. As Marketplace reported last week, Walmart is the biggest beneficiary of this taxpayer-funded subsidy: It brings in the largest share of food stamp dollars of any retailer, about $13 billion in 2013. Walmart even acknowledged the significance of SNAP to the company in the annual report it released three weeks ago.
Yesterday, the U.S. Supreme Court struck down certain limits on individuals’ federal campaign contributions, with a ruling on McCutcheon v. FEC. The Supreme Court declared unconstitutional the cap on the aggregate amount that an individual can give directly to candidates for federal office, federal political action committees, and federal party committees.
Beverly Hills, CA (March 13, 2013)–Members of OUR Walmart joined by community supporters protested outside a Conservation International cocktail event to call on Walmart Board Chair Rob Walton, who also serves as a key leader of Conservation International, to lead Walmart in creating good jobs and standing up for the environment.
Target announced the resignation of its Chief Information Officer yesterday.