Exploring Corporate Governance Around the World

By Allison Garrett, Senior Vice President for Academic Affairs at Oklahoma Christian University

Wednesday, March 08, 2006

Hewlett Packard

A complaint has been filed against Hewlett-Packard contesting the severance pay to Carly Fiorina, the former CEO. The complaint alleges that the pay violated a company policy restricting severance packages to 2.99 times the executive's base compensation plus target cash bonus amounts. The severance policy, which is explained in pages 49-50 of HP's proxy statement, is apparently limited in applicatioin to severance agreements entered into after adoption of the policy.

No comments: