Four leading Wal-Mart shareholders have called for the US retail giant to set up an independent review into its legal and regulatory controls.

In a letter ahead of Wal-Mart’s annual meeting tomorrow, The New York City Pension Fund, Illinois’s State Board of Investment, The UK University Superannuation Scheme and F&C Asset Management call on the retailer to address “legal and regulatory non-compliances at Wal-Mart”.

“As shareholders we are deeply concerned about potential contingent liabilities and negative effects on the company’s stock price and reputation,” the letter said.

The companies hold approximately $545m shares in Wal-Mart.