Wal-Mart fights back at proxy firm

Arkansas-based Wal-Mart Stores Inc. fired back at a prominent proxy advisory firm that critiqued the company's executive pay plan and how it handled an overseas bribery probe.

Institutional Shareholder Services this week encouraged shareholders to vote against Wal-Mart's executive compensation package and asked them to back a resolution appointing an independent chairman.

According to the Associated Press, the ISS cited the failure of the board to provide more information to shareholders about specific findings of an investigation into bribery outside of the United States. The issues go to a vote at the June 6 shareholder meeting.

Wal-Mart 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."

Read more from the Associated Press.