Wal-mart appoints new audit committee member
U.S. retailer Wal-mart has appointed retired KPMG chairman Timothy P. Flynn as a new member of its audit committee and company board.
In a release, Wal-Mart chairman Rob Walton said Flynn had shown a level of professionalism and personal integrity that was synonymous with his new employer's values.
"He's a talented leader whose global insights, strategic vision and expertise in business strategy and governance will be a valuable addition to our company," said Walton.
Flynn said he was honored to become a part of such a company where he could uniquely "make a difference".
"Not only does Walmart have a strong and successful business model, it is also making a major impact by addressing social issues like environmental sustainability and access to healthier food," he said.
The appointment comes just a few months after the supermarket chain was rocked by New York Times reports in April of an alleged bribery campaign in Mexico designed to speed up expansion in the country.
It was claimed the company had paid bribes to obtain permits in the country in its rush to build stores.
Wal-mart has said it takes the U.S. Foreign Corrupt Practices Act (FCPA) "seriously" and announced earlier in the year it had strengthened its FCPA compliance in Mexico enhancing internal controls, training, auditing procedures, issue escalation and remediation protocols.
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