Wal-Mart Defends ‘Overpaid’ Executives

Wal-Mart is refusing to budge an inch after critics bashed the retail giant for overpaying its executives while they mishandled a probe into charges that it systematically bribed officials in Mexico. Proxy adviser Institutional Shareholder Services (ISS) "misconstrues" Wal-Mart's executive compensation policies, the discounter said in a regulatory filing last Thursday. ISS based its analysis on information from CtW Investment Group, a union-backed group that's long opposed Wal-Mart, the filing charged. The Bentonville, Ark., retail giant said its pay practices are "intended to closely align the interests of our named executive officers with the interests of our shareholders."