Printer Friendly

FORCED LABOR IN CHINA RESOLUTION TO BE VOTED ON BY WAL-MART SHAREHOLDERS

 FORCED LABOR IN CHINA RESOLUTION TO BE VOTED ON
 BY WAL-MART SHAREHOLDERS
 WASHINGTON, May 20 /PRNewswire/ -- The Food and Allied Service Trades Department, AFL-CIO, (FAST) today announced that it is soliciting proxy votes from the shareholders of Wal-Mart Stores, Inc. (NYSE: WMT), for a resolution recommending the creation of a special committee of the board of directors to investigate the company's buying policies and practices in China, with special attention to ensuring that no products purchased directly and/or indirectly from sources in China are produced wholly or in part by forced labor.
 "This is the first time shareholders of a major American corporation will have an opportunity to vote on the critical human rights and business issue of Chinese forced labor," said Robert F. Harbrant, FAST's president.
 Wal-Mart Stores, Inc., the largest retailer in the United States, sought to prevent FAST from obtaining its list of shareholders. FAST filed a lawsuit in Delaware state court to compel Wal-Mart to produce the list. The court ruled in FAST's favor on May 19, ordering Wal- Mart to provide FAST with its list of more than 150,000 shareholders of record by the close of business on May 20.
 "Despite their effort to prevent this issue from coming before the shareholders, we are hopeful Wal-Mart management will decide ultimately to support our resolution," Harbrant said.
 The FAST resolution recommends the establishment of a special committee of the board of directors to conduct an investigation of the company's buying policies and practices in China, with the help of outside experts on forced labor in China, and to prepare a report to the shareholders to be presented at or prior to the 1993 annual meeting.
 "The Walton family, which controls approximately 38 percent of the shares, has a special role in determining the outcome of this vote," Harbrant stated.
 "We think the Walton family should share our view that passage of this resolution is a fitting tribute to Sam Walton, who was awarded the Medal of Freedom before he died," Harbrant said.
 "While we imagine they may have some difficulty coming to grips with the fact a labor organization has proposed the resolution, I think a reasoned, dispassionate analysis will persuade the Waltons that passage of the resolution will put Wal-Mart in a leadership role on this issue in the business community," Harbrant added.
 FAST's proxy statement describes the practice of forced labor in China and lists hundreds of Wal-Mart imports from that country, including private label items.
 U.S. law prohibits the importation of products made "wholly or in part" by forced labor illegal.
 The Wal-Mart annual meeting of shareholders is scheduled to be held in Fayetteville, Ark., on June 5, 1992.
 -0- 5/20/92
 /NOTE: Copies of the Delaware court decision and proxy material are available upon request./
 /CONTACT: Jeffrey Fiedler of Food and Allied Service Trades Department, 202-737-7200, ext. 205/
 (WMT) CO: Food and Allied Services Trades, AFL-CIO; Wal-Mart Stores, Inc. ST: District of Columbia IN: REA SU:


DC -- DC025 -- 2395 05/20/92 14:37 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 20, 1992
Words:507
Previous Article:KELLY SERVICES REPORTS FIRST QUARTER SALES AND EARNINGS
Next Article:HFC HOME EQUITY ASSET BACKED CTFS 1992-1 CLASS A 'AAA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
Topics:


Related Articles
WAL-MART EXECUTIVES ACCUSED OF DODGING CHINESE FORCED LABOR ISSUE
FORMER PRISONER OF CHINESE GULAG TO PRESENT FORCED LABOR RESOLUTION TO WAL-MART SHAREHOLDERS AT ANNUAL MEETING
WALTON FAMILY VOTES DEFEAT CHINA FORCED LABOR RESOLUTION; REMAINING SHAREHOLDERS APPROVE RESOLUTION
Wal-Mart expecting increased cash flow.
Sweatshop Issue Back in Time for Wal-Mart Meeting.
Inspector Defends Wal-Mart.
Wal-Mart Associates Once Again Say 'No' to Union; For Second Time This Month, Wal-Mart Associates Reject UFCW.
UFCW Rejected Again By Wal-Mart Associates; Tire and Lube Associates in New Castle, PA, Say 'No' to Union Representation.
Religious pressure Wal-Mart.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters