HP Announces Change to its Board Election Policy
PALO ALTO, Calif., Nov. 2, 2005
HP today announced the adoption of a policy related to the election of its board of directors, in a continuing effort to enhance its corporate governance procedures.
Under the policy, any nominee for director who receives a greater number of votes "withheld" from his or her election than votes "for" such election will tender his or her resignation for consideration by the nominating and governance committee of HP's board of directors.
The board's nominating and governance committee will recommend to the board the action to be taken with respect to such offer of resignation.
HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended July 31, 2005, HP revenue totaled $85.2 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.