Nappier amps up Walmart pressure

Connecticut Treasurer Denise Nappier pledged to vote against a slate of directors nominated for the board of Walmart, citing the company”™s “apparent efforts to cover up,” in her words, allegations of bribery in Mexico.

Nappier oversees investments by the $25 billion Connecticut Plans and Trust Funds, which holds Walmart stock and bonds valued at $38 million.

Earlier this week, the California State Teachers’ Retirement System said it would vote to oust Walmart”™s board, with CalSTRS shares valued at $314 million.

After the New York Times reported in April on Walmart plying Mexican officials with as much as $24 million in bribes to secure building permits, the company issued a statement that it has been investigating the allegations. The company is set to hold board elections at its annual meeting June 1 at the University of Arkansas.

“If the allegations surrounding the Mexican subsidiary are proven true, and the board was unaware of the bribery, then Walmart”™s board has badly failed its shareholders and must move swiftly to bolster its oversight mechanisms,” Nappier wrote.

“At a minimum, the board must determine who was responsible for failing to keep the board informed and remove them from the company. Given the gravity of the allegations directed to the highest-ranking officers of the company and board, I request that you immediately report to shareholders the actions you are taking to reinforce Walmart”™s legal and regulatory compliance,” she said.