The investor coalition views disclosure by Walmart of the use of its clawback policies as critical to fostering a corporate culture that emphasizes compliance and ethics. Disclosure educates employees about the company's expectations and reinforces codes of conduct. By asking Walmart's board to tell investors if, in fact, it has used the clawback, investors are calling on the directors to be accountable to its owners on important compliance issues. The coalition's proposal does not presume the outcome of any current or future investigations, nor does it force Walmart to claw back pay.
"The cross-border composition of the global investor coalition signifies the importance of transparency and accountability in board governance of the world's largest employer," states Miller.
Coalition members and filers of the proposal include: UAW Retiree Medical Benefits Trust; Connecticut Retirement Plans and Trust Funds; Amalgamated Bank LongView Funds; First Swedish National Pension Fund; Third Swedish National Pension Fund; Fourth Swedish National Pension Fund; F&C Management Ltd.; and Illinois State Board of Investments.
$52.4 billion UAW Retiree Medical Benefits Trust is the largest non-governmental payor of retiree health care benefits in
the United States, providing health care benefits to over 800,000 UAW retirees and dependents.
SOURCE UAW Retiree Medical Benefits Trust