Shareholders meet for Wal-Mart annual meeting
New York — Wal-Mart Stores is expected to face scrutiny from shareholders at its annual meeting on Friday in the wake of allegations of bribery in Mexico.
The allegations are being investigated by the U.S. Department of Justice, the U.S. Securities and Exchange Commission and government agencies in Mexico. Wal-Mart is also conducting an internal probe.
Shareholder groups, including the nation’s two largest public pension funds, have called for the removal of several board members, including CEO Mike Duke and former CEO Lee Scott.
Executives are not expected to discuss details of the case during presentations expected at the annual meeting, which is being held in an arena at the University of Fayetville. Some 14,000 employees and shareholders are expected to attend the event, which is being hosted by the popular singer and actor Justin Timberlake.
Sears Holdings files for partial spin off of its interest in Sears Canada
Hoffman Estates, Ill. — Sears Holdings announced that Sears Canada has filed a Registration Statement on Form 20-F with the U.S. SEC in connection with the company’s previously announced plan to spin-off a portion of its interest in Sears Canada.
Sears Holdings currently owns approximately 95% of the issued and outstanding common shares of Sears Canada. Following the spin-off, Sears Holdings will retain approximately 51% of the issued and outstanding common shares of Sears Canada. Sears Canada will continue to be listed on the Toronto Stock Exchange.
Penney CEO to address Piper Jaffray conference in NYC
PLANO, Texas — Ron Johnson, CEO of J.C. Penney, will answer questions from investors at the Piper Jaffray 32nd Annual Consumer Conference in New York City on June 5, 2012.
The question and answer session will begin at 8:30 a.m. ET and will be available via live webcast on jcpenney’s Investor Relations page at http://ir.jcpenney.com. Replays of the webcast will be available for up to 90 days after the event.