The New York City Comptroller has formally demanded that Wal-Mart Stores Inc. allow it to inspect all company materials related to alleged surveillance activities dating to 2002 directed at shareholders who submitted proxy petitions, The Wall Street Journal reported Tuesday.
In a letter to Wal-Mart Corporate Secretary Thomas D. Hyde, Comptroller William C. Thompson Jr. cited an April 4 article in The Journal that detailed the retailer's surveillance of employees and critics. As one example, the article said internal security groups were asked to investigate shareholders who had submitted proposals that could potentially disrupt the company's annual meeting and that the company was trying to block.
After the article was published, Wal-Mart faxed letters to shareholders denying that any shareholder "threat assessment" was ever carried out but said it reserved the right to do background checks, if it deemed them necessary, through publicly available information, the paper reported.
The city comptroller's office -- the chief investment adviser for New York City's Pension Funds, which hold about eight million Wal-Mart shares, currently valued at nearly $400 million -- said it was making the request under law in Delaware, where Wal-Mart is incorporated.
"We've just received the letter. We're studying it and will respond appropriately," said Wal-Mart spokesman John Simley, according to the paper.-New York State Society of Certified Public Accountants
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