-- All directors receive "yes" votes -- Big pension funds had sought to oust them -- Company working with U.S. investigators on Mexico bribery allegations NEW YORK -- Shareholders voted for all 16 Wal-Mart Stores Inc.'s (WMT) board members, dealing a blow to disgruntled stockholders that wanted to see some of them gone because of their connection to allegations of bribery at Wal-Mart's Mexican operation. Stakeholders that are among the biggest U.S. public pension funds had called for Wal-Mart Chief Executive Mike Duke, former Wal-Mart Chief Executive Lee Scott and Chairman Rob Walton to be removed from the board given the situation involving Mexico. The attempt had virtually no chance of succeeding because founder Sam Walton's family controls almost half of Wal-Mart's stock, but the move still sent a message. Word that the board was reelected came during Wal-Mart's annual meeting, with a formal tally expected Monday. Wal-Mart executives were on the offensive during the annual meeting, which, while usually serving as a jubilant celebration for employees and investors, had a bit of a pall this time around. "We are doing all we can do to get to the bottom of this matter and will take the appropriate actions when the investigations are complete," Duke said. The sentiment was echoed by Rob Walton. Wal-Mart is taking the bribery allegations "very seriously" and is working with the U.S. government to find out what happened, if anything, the chairman said. "Operating with integrity is an integral part of our business," he said. "If violations of the law are found, appropriate action will be taken." The comment came as Walton started the shareholder input part of the session and warned gathered employees and shareholders not to "be surprised if we have some interruptions" given Mexico is a hot button. Wal-Mart is overhauling its global compliance programs and conducting a large-scale investigation into its Mexican operations for possible violations of the U.S. law that prohibits bribery in foreign countries. Wal-Mart shares fell 0.4% to $65.55 in midday trading Friday after hitting a fresh 12-year high Thursday. -By Karen Talley, Dow Jones Newswires; 212-416-2196; karen.talley@dowjones.com (CORRECTION: An earlier version of this article misstated the amount of control the Walton family has over Wal-Mart shares in the third paragraph.)
