Activism
Funds lobby for changes to Hewlett-Packard nomination process
Two major US pension funds have come out in
support of a proposal that would give
Hewlett-Packard (HP) shareholders a right to nominate directors to the
scandal-hit computer company’s board.
CalPERS
and
CalSTRS are making this move after the
involvement of HP directors in potentially illegal boardroom spying activities
and stock option backdating investigations.
Rob Feckner, president of CalPERS board of
administration, said passing this proposal at HP’s 14 March AGM will allow
shareholders to, “meaningfully exercise their right to achieve strong corporate
governance that fosters democracy, director accountability and long term value
creation”.
The proposal was submitted to HP by a
coalition that includes the
AFSCME Employee
Pension Plan, and is part of a wider trend of investors pushing for access
to the ballots of US companies.
Links
Hewlett-Packard
CalPERS
CalSTRS
AFSCME
Employee Pension Plan
March 2007 |
