The article in the url below contains some good news for corporate governance activists (Issues: Shareholder Activism, p180):
“In a major victory for activists, Hewlett-Packard Co. agreed to a step that could give investors more power to oust its board members. The Palo Alto, Calif., technology giant will give its stockholders the chance to approve so-called proxy access through a bylaw vote at its 2013 annual meeting. If the measure passes, investors who own at least 3% of H-P shares for at least three years would be allowed to nominate up to 20% of the company's directors, the company said. The vote would be binding, meaning H-P would be bound by the results.”
“In a major victory for activists, Hewlett-Packard Co. agreed to a step that could give investors more power to oust its board members. The Palo Alto, Calif., technology giant will give its stockholders the chance to approve so-called proxy access through a bylaw vote at its 2013 annual meeting. If the measure passes, investors who own at least 3% of H-P shares for at least three years would be allowed to nominate up to 20% of the company's directors, the company said. The vote would be binding, meaning H-P would be bound by the results.”
Or, at least, the news is a qualified good:
“The 3% ownership bar is a high one, however, as only four H-P shareholders own that much of the technology company, according to filings.”
“The 3% ownership bar is a high one, however, as only four H-P shareholders own that much of the technology company, according to filings.”
Have a good weekend
David
Instructor Teaching Site: http://www.sagepub.com/strategiccsr/
The library of CSR Newsletters are archived at: http://strategiccsr-sage.blogspot.com/
H-P Activist Investors Make Proxy Progress
February 6, 2012
The Wall Street Journal
Late Edition - Final
