LITTLE ROCK — Firms not backing
Wal-Mart directors
Two leading proxy advisory firms are telling Wal-Mart shareholders to vote against certain board members up for re-election, saying the directors neglected their responsibility in an alleged bribery scheme in its Mexican operations.
The corporate governance firms ISS and Glass Lewis Inc. recommended late last week that their shareholder clients vote not to re-elect Chief Executive Officer Mike Duke and former CEO Lee Scott to the board, among others.
Votes are to be tallied at the company’s annual meeting next week.
The advice comes four weeks after The New York Times reported that Wal-Mart failed to notify law enforcement after its own investigators found evidence that $24 million in bribes were funneled through its Mexican unit.
A message left with Wal-Mart spokesman Greg Rossiter about the latest opposition to the company’s governance was not immediately returned.
Windstream officials
buy multiple shares
Nine Windstream Corp. executives and directors acquired almost 150,000 shares combined this month, based on filings with the federal government.
The company’s stock has been trading at or near its 52-week low of $9.39, which it hit on May 17.
Dennis Foster, the firm’s chairman, acquired more than 40,000 shares from May 11-21 for a total investment of $396,000.
Anthony Thomas, Windstream’s chief financial officer, bought 35,000 shares for about $339,000.
Francis Frantz, a director, acquired 25,000 shares; Alan Wells, a director, bought 21,000 shares; William Montgomery, a director, bought almost 9,200 shares and Jeff Gardner, chief executive officer, bought 9,000 shares.
13 stocks help state index increase 3.64
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, climbed 3.64 to 222.60 on Monday.
“Despite Facebook shares falling 10 percent in its second day of trading, U.S. stocks moved mostly higher after international leaders said they want Greece to stay in the eurozone,” said Chris Harkins, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock. “The Arkansas Index moved higher as13 stocks rallied, two declined and one remained unchanged.”
Wal-Mart jumped 1 percent, trading at a 52-week high, Harkins said.
USA Truck lost 4 percent, hitting a 52-week low, Harkins said.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 21 on 05/22/2012