Wal-Mart Adds Retired KPMG Chairman Flynn to Board
Wal-Mart Stores Inc. (WMT) appointed retired KPMG International Chairman Timothy Flynn to its board.
Flynn brings experience in managing global operations, including corporate governance, according to a U.S. Securities and Exchange Commission filing today. Flynn, 55, spent 32 years at KPMG International and its predecessors, serving as the company’s international chairman from 2007 until his retirement in October 2011, according to the filing.
The appointment comes as the world’s largest retailer works with several law firms to improve its compliance with the Foreign Corrupt Practices Act following an investigation into allegations of bribery in its Mexican unit. While the investigation prompted several pension funds to say they would vote against some or all of the Bentonville, Arkansas-based company’s directors at its June annual meeting, all board members were re-elected.
The company is also cooperating with the SEC and U.S. Department of Justice as they investigate allegations that in 2005 some executives and directors may have covered up reports of alleged bribery by the company that was aimed at expediting store openings in the region. The alleged bribes would be a violation of FCPA.
Wal-Mart rose less than 1 percent to $74.98 at the close in New York. The shares were up 25 percent this year.
To contact the editor responsible for this story: Robin Ajello at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.