HP shareholders advised to give chairman Ray Lane the boot Two leading proxy advisors are trying to convince HP shareholders to boot out several directors over the ill-fated acquisition of Autonomy, including chairman Ray Lane. ISS, the world's top proxy advisor - a firm hired by shareholders to make recommendations and sometimes cast votes on their behalf - has told HP stockholders …
HP said in a statement that it "fully supports the election of each of the director nominees named in the proxy statement".
These statements are usually issued and/or approved by the board aren't they? Its hardly surprising that they're supporting the fact they were given the job.
Now if they issued a statement saying "We made a complete mess of things and we're not any good at the job so we should be removed", then it would make a refreshing change. However I suspect that statement will be issued on the back of a flying pig.
My vote will be get rid of the lot of them. But it would be nice to see this lead to something like reform in the way the board works - maybe a non-executive employee member of the board? Or two?
Wait, that can't work, none of those HP employees are smart enough to understand how the board (and executives!) are protecting shareholder value by buying 11 billion dollar companies that are worth 3 billion.... Or was it reducing the value of an 11 billion dollar company to 3 billion through mismanagement in a year and a half? I can't figure out which one really happened!
Idiots. Not much the board did made sense while I was an HP employee and nothing they're doing now makes sense.
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