What are your thoughts on why Wal-Mart ran full-page ads in more than 100 newspapers this past January?

It was time to set the record straight. For some time, Wal-Mart has been the target of criticism on a number of subjects. We know that we are not perfect, but we also know when someone is not telling the truth about our company or distorting the facts to suit their own purposes. For example, consider our associate benefits.

An independent benefits firm actually ranked our benefits among the best in retail. Personally, I'm proud of our company and everything it stands for. I want to see it represented accurately. Our adversaries are entitled to their opinions, but not their own set of facts. You will continue to see us take a more aggressive approach in this area. I also would encourage people to visit our new, non-commercial Web site - www.walmartfacts.com - and read the facts about Wal-Mart.

What can you tell us about today's Board of Directors?

First, I am pleased with the quality and depth of our current Board. We have an excellent mixture of experience and individual perspective which I assure you leads to some spirited discussions. We continue to add talent to our Board. For example, we just added Doug Daft, former CEO of The Coca-Cola Company, to our Board and he will add expertise in the international area as well as bring perspective as the former CEO of one of our major suppliers. In addition, two of our key Board committees - Audit and Compensation -are headed respectively by two very capable people, Roland Hernandez and Jose Villarreal. Our newest nominee, Linda Wolf, brings perspective and strategic communications experience from overseeing Leo Burnett, one of the world's leading advertising agencies.

What is the thinking behind the company's charitable donations?

My mother and dad (Helen and Sam Walton) always maintained that each store knew what was most important in its own community, and their philosophy endures today. Communities support us, and we want to support them through both donations and personal involvement. This is why 90 percent of our contributions are directed at the local level. We also address needs on a national level. For example, we are major supporters on a national scale of children's hospitals, literacy, teachers, our troops, the United Way, and other key causes and groups. One of our biggest challenges and priorities in this area is to make sure that our customers and community leaders know what a good citizen Wal-Mart is. I have no doubt that Wal-Mart's level of giving and the way it is directed reflects my parents' priorities.

How do you feel about the current management team?

For those of us who literally grew up in the store - and there are lots of associates who can join me in making that statement - it is gratifying to see dedicated men and women leading our company who not only have exceptional business skills, but who also understand what makes Wal-Mart, Wal-Mart. They know that always putting the customer first; always understanding how important associates are; and always remaining open to change are the reasons for our success. They embrace these strengths and build on them.

It's also exciting to see Wal-Mart really come into its own as a global company and to see global talent develop and be shared. It's great to have people like Eduardo Castro-Wright, who is Executive Vice President and Chief Operating Officer for our Wal-Mart Stores Division. Formerly, he was our President and Chief Executive Officer in Mexico and now he is running our largest business unit. We also have "home grown" talents like Linda Dillman, Chief Information Officer for our Information Systems Division, who worked her way up in the company by learning and excelling in various technology roles. She has been recognized as one of the Top 50 "Most Powerful Women" by Fortune, is a respected leader and is driving our Radio Frequency Identification (RFID) initiatives. There are many stories of associates advancing within our ranks and it says a lot about the outstanding career opportunities available today at Wal-Mart.

Could you please comment on Wal-Mart's priorities as the company continues to grow?

Seeing our people succeed is first and foremost. When they succeed, our company succeeds. And, our people succeed when they embrace my dad's vision - to improve the lives of everyday people by making everyday things more affordable. As long as we're working for the customer, we'll grow and prosper. One way we can do a better job for our customers is to make sure our associate profile represents our customer base, so diversity is an important priority. I am pleased to report that every one of our officers met their mentoring and diversity good faith effort goals this year and only one officer missed meeting their placement goals. That's excellent progress and it reflects how our company operates with standards and concern for people, which allows us to have an impact that goes beyond bottom-line results.

The stock price has been relatively flat for the past five years. Why doesn't the stock react to the company's consistent reports of record sales and earnings?

Over the long term, our stock price will track our earnings performance. However, over the short term, numerous other factors, like stock market trends, economic factors, interest rates and employment levels, all may affect the stock price. It is frustrating that over the last five years, our sales have gone up almost 83 percent and our earnings have grown almost 100 percent, but our stock price hasn't moved. We have had consistent sales and earnings growth, and if we continue to focus on serving our customers and taking care of our associates, the stock should reach its appropriate valuation.

What is the Walton family's perspective on Wal-Mart today?

First, we know and appreciate that Dad's emphasis on integrity remains a foundation of the Wal-Mart culture. We have all seen how important this is today. We also are pleased with the ongoing development of the Wal-Mart leadership team. The growth of Wal-Mart just since Dad passed away in 1992 has been most impressive. At the same time, we recognize that our size and success have brought unusual challenges, particularly from an external standpoint. However, as we step back and look at Wal-Mart through a wide lens, the Walton family has never felt better about the company and our future.