Wal-Mart’s Proxy Vote Shows Dissent Against Execs

TORONTO — The Canada Pension Plan Investment Board, one of the world’s largest pension funds, said it has voted to support Agrium Inc’s board nominees ahead of a shareholder meeting next week, in a blow to activist investor Jana Partners. The Canadian fertilizer maker and farm products retailer Agrium has been locked in a war of words for months with activist investor Jana Partners LLC, a New York-based hedge fund.

Monica Potts writes:

eChristian Investing submits:Wal-Mart Stores announced today that the company is increasing its annual dividend by 11%. The new dividend payment will be paid out in quarterly installments of $.3025 per share. This will mark the 37th consecutive year that Wal-Mart has increased its dividend payment.

MONTREAL — A Montreal-based investment firm that manages about 2.3 million shares of Agrium Inc. (TSX:AGU) says it’s supporting the Calgary-based company’s current board in a proxy battle with U.S. fund manager Jana Partners LLC. Letko, Brosseau & Associates Inc. says it has concluded Jana’s method of evaluating Agrium’s share performance ignores improvements since last June. It also says the presence of Jana’s nominees would be “disruptive to Agrium’s business.”

Wal-Mart Stores Inc., the world’s largest retailer, projected first-quarter profit that trailed analysts’ estimates as an increase in the payroll tax curtails spending among its lower-income shoppers. Earnings per share in the current quarter will be $1.11 to $1.16, the Bentonville, Arkansas-based company said today in a statement. Analysts projected $1.19, the average of 18 estimates compiled by Bloomberg.

Last month, the New York Times published a story alleging that Wal-Mart was systematically bribing officials in Mexico. 

WASHINGTON — President Barack Obama has tapped Wal-Mart’s Sylvia Mathews Burwell as his next budget chief, thrusting her into the center of Washington’s heated partisan budget battles and is filling vacancies at the Energy Department and Environmental Protection Agency, an official says. A White House official said Obama will announce Burwell’s nomination to lead the Office of Management and Budget during a White House ceremony Monday morning, a White House official said.