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NYC pension funds join effort to replace two HP directors

funds from New York on Friday, public spending on pensions united in an effort to two directors Hewlett-Packard Co. crowd for their support of the ...

 

NYC pension funds join effort to replace two HP directors

funds from New York on Friday, public spending on pensions united in an effort to two directors Hewlett-Packard Co. crowd for their support of the company for 2011 acquisition of British software company Autonomy.

City Comptroller John C. Liu said the pension fund of the City of New York will vote against directors John H. Hammergren and G. Kennedy Thompson “because of their inability to investors astray against expensive acquisitions.” Two major proxy advisory also recommended voting against the directors.

“If the two longest serving administration, they are also responsible for approving HP misplaced acquisition of EDS and Palm, and hasty decision of the Board of Directors to Leo Apotheker, whose brief tenure as CEO ended shortly hire Autonomy acquisition after he organized, “said Liu.

various city funds a total of 5.5 million shares of HP, with a value of nearly $ 116 million to close on Thursday. Although not the main shareholders of the company, pension fund investors are leading the city and their decision is likely to be widely noted by other municipal shareholders.

HP shares rose 0.7 percent to $ 20.99 in afternoon trading.

Tuesday, two major proxy advisory, Institutional Shareholder Services (ISS) and Glass Lewis also recommended voting against the two directors to the general meeting of shareholders on March 20 HP.

ISS

, followed closely by investors seeking advice on controversial issues, the so-called rare and vote against President Ray Lane, managing partner at high power Silicon Valley private equity Kleiner Perkins risk.

Glass Lewis also suggested that the shareholders vote to remove two directors – venture capitalist Marc Andreessen and Rajiv Gupta Two companies accused the leaders of the due diligence. insufficient for the acquisition of autonomy.

HP, which acquired the British company for $ 11.1 billion, took a huge depreciation of the value of last year.