Wal-Mart to report how compliance targets impacted executive pay: WSJ

Reuters
A man stands on a skateboard outside a Wal-Mart store in Williston
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A man stands on a skateboard outside a Wal-Mart store in Williston, North Dakota March 13, 2013. REUTERS/Shannon Stapleton

(Reuters) - Wal-Mart Stores Inc (WMT) is set to report as soon as Wednesday on how its executives performed on their goals to overhaul compliance operations and how that affected their pay, the Wall Street Journal reported.

The company's board will issue a securities filing in the coming days that will detail how well executives performed on its compliance goals, such as enhancing its global anti-corruption program, the report cited the retailer's chief compliance officer, Jay Jorgensen, as saying.

A representative for Wal-Mart could not be immediately reached for comment outside of regular U.S. business hours.

An assessment of compliance objectives will now be part of the company's regular corporate governance, the Journal quoted Jorgensen as saying at the Dow Jones Global Compliance Symposium in Washington on Tuesday. (http://link.reuters.com/vyx68v)

The world's largest retailer said in its annual proxy statement that cash incentives for its top executives in 2014 would be partly based on meeting certain compliance objectives.

Wal-Mart, in November 2011, began its own probe into matters including alleged violations of the U.S. Foreign Corrupt Practices Act, and whether such matters were appropriately handled by the company.

(Reporting by Sampad Patnaik in Bangalore; Editing by Lisa Shumaker)

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