AFL-CIO Criticism Of Wal-Mart Exec Pay Heats Up

Law360, New York (March 1, 2007, 12:00 AM EST) -- The New York Stock Exchange has told Wal-Mart Stores Inc. that it is not violating exchange rules, after the country’s largest union asked for a probe of the relationship between the company’s pay consultants and its managers.

The AFL-CIO sent a letter about a week ago saying that Wal-Mart’s compensation, nominating and corporate governance committee wasn’t responsible for choosing compensation consultants and determining their fees, which may be a violation of the stock exchange’s list standards. The NYSE mandates that compensation consultants answer only to corporate...
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