"We haven't seen any change," said Leslie A. Dach, executive vice president for corporate affairs. "People have questions and that's understandable, so we fully expect that people will ask us, and we've answered those questions as best we can." "We look pretty closely at all of this and we haven't seen that it's had any kind of meaningful impact on the way our shoppers or others look at the company," he said. The California Public Employees' Retirement System, or Calpers, the nation's largest public pension fund, said last week that it would vote against re-election of nine board members who had been involved in Wal-Mart at the time of the curtailed bribery investigation. Those board members include the current chief executive, Michael T. Duke; the chairman, S. Robson Walton, a son of the Wa-Mmart founder; and H. Lee Scott Jr., a former chief executive. Calpers, which owns 7.7 million shares of Wal-Mart stock worth about $511 million, said it would support two proxy proposals put forward by shareholders.