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Wal-Mart board survives shareholder dissent
- Updated: June 4, 2012 - 8:45 PM
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Wal-Mart's final shareholder vote for its board of directors showed unprecedented dissent against key executives and board members, including CEO Mike Duke, in the wake of allegations of bribery in Mexico. According to results released by Wal-Mart on Monday, 13 percent of the 3.4 billion shares were voted against the re-election of Duke to the company's board. Nearly 13 percent went against Chairman Robson Walton, the son of founder Sam Walton, and 15.6 percent went against former CEO Lee Scott. A little over 13 percent of the shares were cast against Christopher Williams, chairman and CEO of the Williams Capital Group, who serves as chairman of Wal-Mart's audit committee. A year ago, Wal-Mart's board received on average 98.4 percent support.
A decline in U.S. manufacturingOrders to U.S. factories unexpectedly fell in April for a second month, pointing to a deceleration in manufacturing as the global economy cools. Bookings dropped 0.6 percent after a revised 2.1 percent decrease in March, the first back-to-back declines in more than three years, figures from the Commerce Department showed Monday in Washington.
AIG to pay $146.5M in settlementAmerican International Group Inc. and its affiliates have agreed to pay $146.5 million to all 50 states and the District of Columbia to settle a complaint that it misreported billions of dollars in workers compensation premiums in past years. Florida Insurance Commissioner Kevin McCarty, whose state was among those pressing the complaint, announced the settlement. AIG was accused of misreporting $21.1 billion in workers compensation premium as other lines of insurance in past years. The company agreed to pay a $100 million national penalty and $46.5 million in additional premium taxes and assessments.
Amazon.com embraces Avalon BooksAmazon.com said Monday that it bought Avalon Books, giving the Internet retailer publication rights to more than 3,000 romance, mystery and Western titles. Terms of the sale were undisclosed. Seattle-based Amazon said none of Avalon's books have appeared as digital books yet. Amazon.com Inc. will publish Avalon's books under the West Coast imprints of Amazon Publishing. Avalon's books will remain in print for bookstores and libraries.
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