Administration September 26, 2006

Public Pension Funds Want Say in HP Board Nominations

September 26, 2006 (PLANSPONSOR.com) - Four public pension funds have filed a proposal with Hewlett-Packard Co. (HP) to let shareholders nominate directors for the company's board at the next annual meeting.

Reported by

Rebecca Moore

The Los Angeles Times reports that the group additionally urged the Securities and Exchange Commission to issue a rule that would allow shareholders to make nominations for all public companies. The four funds collectively own 30 million shares in HP worth $675.9 million.

The group of public pension funds is headed by the New York State Common Retirement Fund and includes the Connecticut Retirement Plans and Trust Funds, the North Carolina Retirement System, and the American Federation of State, County and Municipal Employees Pension Funds.

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“We are concerned about shareholder value given recent events at HP,” said John Chartier, spokesman for New York Comptroller Alan Hevesi, according to the Times.

HP is under scrutiny for a spying scandal in which executives obtained private phone records of individuals in an effort to find the source of boardroom leaks.