Institutional Shareholder Services earlier this week had urged shareholders to vote against Walmart's executive compensation package and asked them to back a resolution for the appointment of an independent chairman.

It also recommended shareholders vote against the re-election of board members Robson Walton, the company's chairman, and Mike Duke, recently Walmart's CEO.

The ISS cited the failure of the board to provide more information to shareholders about specific findings of an investigation into bribery outside of United States.

Those issues go to a vote at the company's shareholder meeting June 6. The meeting will be held in Fayetteville, Arkansas, about 30 miles from the company's headquarters in Bentonville.
    
In a filing with the Securities and Exchange Commission on Thursday, Wal-Mart said that the ISS analysis "misconstrues the nature and operation of Walmart's executive compensation programme."
    
Wal-Mart said the ISS analysis is based on information provided by CtW Investment Group, a union-backed organization that has a long history of opposition to Wal-Mart.

ISS cited changes that it believes have diminished the consistency of performance goals set for company executives.

Walmart said its pay structure emphasizes performance and is “intended to closely align the interests of our named executive officers with the interests of our shareholders."

(Agencies)

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