Ontario Teachers to vote against HP directors, executive comp
By Barry B. Burr | March 15, 2013 4:41 pm
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.