Reuters: Technology News: Proxy firm seeks ouster of Hewlett-Packard directors

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Proxy firm seeks ouster of Hewlett-Packard directors Mar 5th 2013, 15:45 Tweet Share this Email Print Related News Apple CEO says he feels shareholders' pain, urges long view Wed, Feb 27 2013 Union pension adviser says will oppose two HP directors Mon, Feb 25 2013 Einhorn scores legal victory versus Apple in cash scuffle Sat, Feb 23 2013 Wall Street rebounds on HP results, Fed officials' views Fri, Feb 22 2013 Apple CEO calls Einhorn lawsuit a "silly sideshow" Tue, Feb 12 2013 Analysis & Opinion The danger of a CEO's double-dip Related Topics Investing and Taxes Simplified » Tech » A view of the Hewlett Packard headquarters in Palo Alto, California November 23, 2009. Credit: Reuters/Robert Galbraith Tue Mar 5, 2013 10:45am EST (Reuters) - Proxy advisory firm ISS on Tuesday recommended shareholders of Hewlett-Packard Co vote against the re-election of HP's board chairman and two other directors because of their role in the costly 2011 acquisition of software company Autonomy. The purchase of Autonomy led to a massive writedown for HP and ISS said shareholders should reject Chairman Ray Lane and board members John Hammergren and G. Kennedy Thompson. "While developments surrounding the 2011 Autonomy deal may continue in the coming months, it is clear that the due diligence process that occurred at that time was not robust," ISS said in a report. It said that executive chair Lane, the finance and investment committee's Hammergren and Thompson "bear the most responsibility for a very costly oversight failure." Last month, a union pension adviser said it would campaign against Hammergren's and Thompson's re-election to the board, though it said it would not oppose Lane because of the risk of disruptions were he to leave. HP shares rose 2.1 percent to $20.39 in morning trading. (Reporting By Ben Berkowitz; Editing by Gerald E. McCormick and Grant McCool) Investing and Taxes Simplified Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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