ANNAPOLIS, Md. (AP) — The Maryland State Retirement Pension System says it will be voting against the entire board of Wal-Mart Stores Inc.
The system announced Thursday that it will vote its 1.2 million shares, which are worth $76.8 million, against the board.
Wal-Mart has about 3.4 billion shares outstanding, for a total market value of about $217 billion.
The vote is scheduled for June 1 at a shareholders meeting in Fayetteville, Ark.
R. Dean Kenderdine, the system’s executive director, says the action is required, because when less than two-thirds of a board is independent, the system votes against all the candidates.
The system says an analysis by Institutional Shareholders Services shows six of the 16 board members are either officers of the corporation or affiliated with it in another capacity.
(Copyright 2012 by The Associated Press. All Rights Reserved.)