Some big institutional shareholders are saying Wal-Mart has to improve its employment practices. They've written a letter to the giant retailer urging it to shape up.

An excerpt from the BBC story:

The letter was timed to coincide with Wal-Mart's annual shareholder meeting.

More than 20,000 people are expected to attend the meeting in Arkansas on Friday.

Four groups of US and UK investors - New York City Pension Funds, Illinois State Board of Investment, F&C Asset Management and the UK University Superannuation scheme - have called on Wal-Mart to set up an independent review of its legal and regulatory controls.

Reputation issues can very much hurt the company
Karina Litvack, F&C Asset Management
Check Wal-Mart's share price

In a letter to Roland Hernandez, chairman of Wal-Mart's audit committee, the group said it had "serious concerns about reports of legal and regulatory non-compliance at Wal-Mart".

'Alarm bells'

"We are deeply concerned about potential contingent liabilities and negative effects on the company's stock price and reputation," the letter added.

Sounds like the principle of enlightened self-interest might slowly be kicking in at the home of the happy-faced price-cutters. :)