Wal-Mart (WMT) Chairman "Integrity is Our Business"
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Wal-Mart (NYSE: WMT) Chairman Rob Walton addressed investor concerns about integrity during their annual shareholder meeting today. The comments were in response to alleged bribery in Mexico.
"Acting with integrity is not a negotiable part of this business, it is our business. We will not tolerate violations of the FCPA or ethical wrongdoing of any kind," Walton said.
Wal-Mart refused to make comments on the bribery charges themselves because of pending charges in the US and Mexico, but they did their best to stressed how important integrity is at the company.
A few investors are calling for the removal of Wal-Mart's leaders, including the CEO and members of the board of directors, who some say knew about the bribery in Mexico. But any changes to the management team are unlikely for now, since Wal-Mart stock continues to soar as it grows revenue and earnings, which should satisfy investors and is considered a "safe haven" as the U.S. threatens to double-dip into recession.
"Acting with integrity is not a negotiable part of this business, it is our business. We will not tolerate violations of the FCPA or ethical wrongdoing of any kind," Walton said.
Wal-Mart refused to make comments on the bribery charges themselves because of pending charges in the US and Mexico, but they did their best to stressed how important integrity is at the company.
A few investors are calling for the removal of Wal-Mart's leaders, including the CEO and members of the board of directors, who some say knew about the bribery in Mexico. But any changes to the management team are unlikely for now, since Wal-Mart stock continues to soar as it grows revenue and earnings, which should satisfy investors and is considered a "safe haven" as the U.S. threatens to double-dip into recession.
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