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Walmart Investors Voice Deep Concerns over Bribery Allegations
Author: Interfaith Center on Corporate Responsibility, Published on: 25 April 2012
Members of the Interfaith Center on Corporate Responsibility...are dismayed by recent reports in the New York Times alleging systemic bribery and corruption to facilitate the rapid expansion of their retail operations in Mexico...In a 1999 letter to Walmart management that was endorsed by nearly 400 organizations including institutional investors, NGOs and academics, the group emphasized their concerns that Walmart’s global expansion and financial performance goals would “leave the door open for potential abuses.”...Said David Schilling, ICCR’s Program Director for Human Rights and Resources, “As the largest retailer in the world, Walmart influences the way business is done and that has an enormous impact on local economies and communities...We hope that in its rush to establish a dominant market position Walmart hasn’t placed its commitments to ethics, oversight and transparency in jeopardy”...
Related companies: Wal-Mart de Mexico