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Wal-Mart's proxy vote shows dissent against execs

Wal-Mart's proxy vote shows dissent against execs

Wal-Mart's final shareholder vote for its board of directors shows some dissent against key executives and board members, including CEO Mike Duke, in the wake of allegations of bribery in Mexico.
According to the tally, released Monday, 13 percent of the 3.4 billion shares were voted against the re-election of Duke. The election results also showed that nearly 13 percent were against Chairman Robson Walton, the son of founder Sam Walton, and 15.6 percent were against former CEO Lee Scott.
The results follow Wal-Mart's shareholders' meeting on Friday.
Descendants of Wal-Mart's founder own about 50 percent of Wal-Mart's shares, so activist shareholders had little chance of voting out the board members. But the numbers show a dramatic erosion of support compared with recent years.