Florida State Board of Administration, Tallahassee, and the American Federation of State, County and Municipal Employees Pension Plan, Washington, are seeking changes in Hewlett-Packard Co.'s board and will vote their shares against the election of five directors, adding to pressure from other pension funds, according to statements from the organizations.
The FSBA, which oversees $162.3 billion in assets, and the $850 million AFSCME pension fund oppose the election of John H. Hammergren, and G. Kennedy Thompson.
The FSBA also opposes the election of Marc L. Andreessen and Rajiv L. Gupta, while the AFSCME plan also opposes the election of Raymond J. Lane.
The five New York City pension funds, which have a combined $126 billion, will vote against Messrs. Hammergren and Thompson, according to a statement Friday from John C. Liu, New York City comptroller, who oversees the funds.
In addition, the FSBA and the AFSCME plan will oppose ratification of HP's executive compensation and ratification of Ernst & Young as HP's auditor.
Both funds support a company proposal for proxy access, allowing eligible shareholders to nominate up to 20% of the board's directors.
Both funds plan to support a shareholder proposal requiring senior executives to retain a significant percentage of HP shares acquired through equity pay programs until reaching normal retirement age.
On other issues, the AFSCME plan supports shareholder proposals calling for creation of a board committee on human rights and for amending HP's human-rights policies. In addition, it opposes HP's amended incentive stock plan. The FSBA opposes the creation of the human-rights committee and amending the human-rights policy, while it supports the company's amended incentive stock plan.
