Feeds

HP re-elects ‘AWOL’ Disney man

Conflict of interest

  • alert
  • submit to reddit

The essential guide to IT transformation

California's influential public employees' pension fund CalPERS flexed its muscles again today, but failed in its bid to shake up the Hewlett Packard board. A statement by the United States' largest pension fund decision that it had "lost complete confidence" in Disney CEO Michael Eisner was instrumental in the recent decision to strip him of his Chairman role.

Now another Disney man has survived the CalPERS axe. The fund, which is a large HP shareholder, voted to not to re-elect attorney Sandy Litvack and four other directors on the HP board, citing conflicts of interest. The five also serve on the board of the HP audit committee and CalPERS doesn't approve of auditors performing non-auditing tasks for a corporation. HP allows its auditor Ernst & Young to perform multiple roles.

Last year CalPERS, also an AOL shareholder, voted against the re-election of five AOL directors, including Netscape veteran Jim Barksdale, ofr the same reason. Coincidentally, the auditor in that instance was also Ernst & Young.

The giant pension fund has in the past supported the election of "dissident" directors, elected to report back to unhappy shareholders on the state of the corporation.

CalPERS also singled out Litvack, Disney's senior general counsel from 1991 to 1998, for poor attendance. He's certainly a busy fellow. HP shareholders in Houston today decided to re-elect the five. The fund's corporate governance principles can be found here ®

Build a business case: developing custom apps

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
XBOX One will learn to play media from USB and DLNA sources
Hang on? Aren't those file formats you hardly ever see outside torrents?
Class war! Wikipedia's workers revolt again
Bourgeois paper-shufflers have 'suspended democracy', sniff unpaid proles
'Aaaah FFS, 'amazeballs' has made it into the OXFORD DICTIONARY'
Plus: 'EE, how shocking, ANOTHER problem I face with your service'
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Solving today's distributed Big Data backup challenges
Enable IT efficiency and allow a firm to access and reuse corporate information for competitive advantage, ultimately changing business outcomes.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.