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HP Adopts Procedure for Conducting Advisory Stockholder Vote Relating to Executive Compensation

^{Published on 2009-01-16 17:12:52, Last Modified on 2009-01-16 17:13:39 - Market Wire}
 

PALO ALTO, Calif.--([ BUSINESS WIRE ])--HP (NYSE:HPQ) today announced that its board of directors has decided to allow HP stockholders to determine whether the company should conduct an annual nonbinding advisory stockholder vote related to executive compensation.

"We have adopted this procedure because executive compensation involves important issues relating to corporate governance," said Mark Hurd, HP chairman and chief executive officer.

Under the procedure, HP will present at its 2010 annual meeting of stockholders a management proposal authorizing the company to conduct an annual nonbinding advisory vote on its executive compensation policies and procedures. If HP stockholders approve that proposal, HP will conduct a nonbinding advisory vote on its executive compensation policies and procedures at its 2011 annual meeting of stockholders and each year thereafter.

Separately, HP announced that it supports the U.S. Congress enacting appropriate legislation providing stockholders with an opportunity to express their views on the executive compensation policies of publicly held companies.

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