NLPC to Criticize Faltering Wal-Mart Share Price at Company’s Annual Meeting; Ethics Group Says Attempt at Political Correctness is Distraction for Management
Date: May 31, 2007
Contact: Peter Flaherty 703-864-7902 or John Carlisle 703-798-0655
Website: www.nlpc.org
Falls Church, VA- The National Legal and Policy Center (NLPC) today released excerpts of remarks NLPC President Peter Flaherty plans to deliver at the Wal-Mart (WMT) annual meeting taking place on Friday, June 1 at the Bud Walton Arena in Fayetteville, Arkansas. NLPC is the sponsor of a shareholder proposal asking for the company to disclose its charitable giving to controversial causes.
From Flaherty’s statement:
In the year 2000, Wal-Mart stock was at $60. Today it is $47. In 2000, Target stock was at $34. Today it is at $60.
Instead of focusing on the share price, Wal-Mart management is too busy trying to appease critics funded by corrupt unions.
Go outside and look at the price of gas. It is over $3 per gallon. Thank environmental extremists who have prevented refineries from being built. They openly say that gas should be much more expensive, say $5 or $6 a gallon. Yet our CEO has embraced environmental alarmism. If Wal-Mart customers spend all their money on gas, how will they have any left to spend inside the store?
Our CEO invited Al Gore to Bentonville to talk about global warming. If Al Gore gets his way on carbon emissions, there is no way our economy can grow. How is this good for Wal-Mart?
Jesse Jackson slanders this company. The company’s response? Put Jesse Jackson’s crony on the board of directors. Did that shut up Jackson? No, not at all.
People shop at Wal-Mart because of low prices, not because the company is politically correct.
In December, NLPC released a special report titled Wal-Mart Embraces Controversial Causes: Bid to Appease Liberal Interest Groups Will Likely Fail, Hurt Business. The 11,000-word report is authored by John Carlisle and may be downloaded in pdf format at http://www.nlpc.org/pdfs/Wal-MartSpecial%20Report.pdf
NLPC promotes ethics in public life, and sponsors the Corporate Integrity Project.
Friday 1 June 2007
Wal-Mart is "too PC"
Well, it is Friday. Just a glimpse of shareholder democracy US-style, this American outfit has been targeting Wal-Mart for "turning to the Left" (chuckle). Their main bloke spoke at the company's AGM today -
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1 comment:
Wal-Mart is horribly Locked-in to an increasingly outdated Success Formula, and as a result has had to admit that it's growth is slowing. It will hide that slower growth by purchasing back shares to artificially boost EPS. Wal-Mart's primary objective is to Defend & Extend its past management practices. The company doesn't really care about customers, employees or suppliers. Read more at http://www.ThePhoenixPrinciple.com
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