Friday 23 February 2018

HP shareholders urged to oppose director re-election

HEWLETT-Packard investors voiced dismay over the $8.8bn (€6.8bn) writedown of Autonomy when they were asked to re-elect chairman Ray Lane and other directors at the company's annual meeting.

Shareholder advisers have said the board failed to properly vet the acquisition of software maker Autonomy, and are recommending that investors vote against Mr Lane and some other members of the 11-person body.

Institutional Shareholder Services and Glass Lewis faulted the board for the writedown due to "serious accounting improprieties", and for depleting the stock's value through years of mismanagement.

Irish Independent

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