Feb 25 A union pension adviser plans to meet
with Hewlett-Packard Co officials on Monday to air
concerns about their corporate oversight, according to a person
familiar with the matter.
The meeting follows criticism by the adviser, CtW Investment
Group, of Hewlett-Packard and its audit committee last month
over problems like the company's troubled acquisition of UK
software company Autonomy.
A statement sent by CtW on Monday and obtained by Reuters
reiterated its criticism of the deal and said "HP's board has
continued to display poor judgment, a lack of accountability,
and poor oversight of critical functions" despite an overhaul
just over two years ago after the departure of the prior chief
executive, Mark Hurd.
In the statement, the adviser blamed three directors,
including Executive Chairman Raymond Lane, for what it called
"continued strategic and governance challenges."
It called for the appointment of a new outside auditor to
address what it called concerns over the independence of the
The source described the meeting, which will include other
investors, on condition of anonymity because it was not publicly
CtW, affiliated with the labor group Change to Win, advises
union pension funds with roughly $200 billion in assets.
Change to Win is a federation of U.S. unions with 5.5
million members pushing to organize and represent workers in
sectors like health care, hotels and ports.