0001214659-13-003053.txt : 20130528 0001214659-13-003053.hdr.sgml : 20130527 20130528060431 ACCESSION NUMBER: 0001214659-13-003053 CONFORMED SUBMISSION TYPE: PX14A6G PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20130528 DATE AS OF CHANGE: 20130528 EFFECTIVENESS DATE: 20130528 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WAL MART STORES INC CENTRAL INDEX KEY: 0000104169 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-VARIETY STORES [5331] IRS NUMBER: 710415188 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: PX14A6G SEC ACT: 1934 Act SEC FILE NUMBER: 001-06991 FILM NUMBER: 13873295 BUSINESS ADDRESS: STREET 1: 702 SOUTHWEST 8TH ST CITY: BENTONVILLE STATE: AR ZIP: 72716 BUSINESS PHONE: 5012734000 MAIL ADDRESS: STREET 1: 702 SOUTHWEST 8TH STREET CITY: BENTONVILLE STATE: AR ZIP: 72716 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: UAW Retiree Medical Benefits Trust CENTRAL INDEX KEY: 0001480561 IRS NUMBER: 900424876 STATE OF INCORPORATION: XX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: PX14A6G BUSINESS ADDRESS: STREET 1: 200 WALKER STREET CITY: DETROIT STATE: MI ZIP: 48207 BUSINESS PHONE: 313-324-5928 MAIL ADDRESS: STREET 1: 200 WALKER STREET CITY: DETROIT STATE: MI ZIP: 48207 PX14A6G 1 m527130px14a6g.htm m527130px14a6g.htm
 
FOR IMMEDIATE RELEASE
May 25, 2013

CLAWBACK REPORT PROPOSAL AT WALMART SUPPORTED BY PROXY ADVISORY FIRMS,
LARGE INSTITUTIONAL INVESTORS
 
DETROIT, MICHIGAN—Influential proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis this week announced their support for a shareholder proposal at Wal-Mart Stores, Inc. asking the company to publicly disclose whether it has clawed back pay from executives whose actions have caused significant financial harm to the company and its owners. Large institutional investors including the Pennsylvania Treasury Department and the Office of New York City Comptroller John C. Liu have signaled their support for the proposal as well as other large institutional investors.
 
Proposal No. 8, Request for Annual Report on Recoupment of Executive Pay, was filed at Wal-Mart by a $300 billion global investor coalition led by the UAW Retiree Medical Benefits Trust (Trust) and will be considered by investors at the company's June 7, 2013 annual meeting.
 
"We welcome the support of ISS and Glass Lewis and the institutional investor community ahead of Wal-Mart's annual meeting," said Meredith Miller , Chief Corporate Governance Officer for the Trust. "We believe that increased transparency around the use of clawbacks is critical to fostering a culture of compliance while stressing that misconduct by senior employees is unacceptable. We are pleased that others agree."
 
Wal-Mart has relatively strong clawback policies, under which the company may recoup incentive compensation if it is discovered that the recipient engaged in behavior that is deemed contrary to the best interests of the company or otherwise failed to comply with the company's standards of conduct. However, Wal-Mart has not provided information on whether or not any of its clawback policies – some of which have been in place for over a decade – have been used.
 
* * *
 
The $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.
 
Coalition members and filers of Proposal No. 8 at Wal-Mart 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. Together, the funds owned over $3.1 billion in Wal-Mart stock as of market close on May 10, 2013.

CONTACT:
Patricia McCarthy   
C: (313) 418-4155
 
Marketing & Public Relations Consultant
O: (313) 882-9200
 
UAW Retiree Medical Benefits Trust
patty@prmccarthy.com
 
 
 
 
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