Ontario Teachers to vote against HP directors, executive comp

Bloomberg

Ontario Teachers Pension Plan, Toronto, will vote against the re-election of two directors to Hewlett-Packard Co.'s board and will oppose approving the company's executive compensation, according to a statement from OTPP, which oversees C$117.1 billion ($114.9 billion).

It will oppose John H. Hammergren and G. Kennedy Thompson, both independent directors, for re-election. In addition, OTPP will vote against the company's executive compensation package and against a company proposal to amend an executive stock incentive plan.

The Ontario fund also will vote against a shareholder proposal requiring senior executives to retain a significant percentage of HP shares acquired through equity pay programs until reaching normal retirement age.

OTPP will support a company proposal for proxy access, allowing eligible shareholders to nominate up to 20% of the board's directors.

On other issues, OTPP will vote against shareholder proposals calling for creation of a board committee on human rights and for amending HP's human-rights policies.

HP's annual meeting is March 20.

— Contact Barry B. Burr at bburr@pionline.com | @Burr_PI