Hewlett-Packard Co. investors , gathered at an annual meeting today, voted against proposed compensation packages for top executives, signaling that shareholders want more influence over how managers are rewarded.
Boeing Co., struggling to fix the grounded 787 Dreamliner, must let investors vote on splitting the roles of chief executive officer and chairman to strengthen oversight, the Securities and Exchange Commission said.
In 1997, Josh Weston persuaded the founder of J. Crew Group Inc. to sell the company to TPG Capital. Now, he’s heading the special board committee that approved TPG’s offer to again buy the apparel retailer.
Greg Palm , Goldman Sachs Group Inc. general counsel, took a call in his 37th-floor office at One New York Plaza on Dec. 16, 2008. It was his old boss, Stephen Friedman , a former Goldman chairman who was then head of the audit committee of its board of directors. Goldman’s stock was down 65 percent from its 52-week high during an accelerating global financial breakdown.
Oracle Corp. shareholders rejected the pay packages of Chief Executive Officer Larry Ellison and other top managers for a second year, hewing to the recommendation of a proxy adviser that said their compensation is out of sync with the company’s performance.
Ever since President Barack Obama signed the new law revamping financial regulation on July 21, the focus has been on Wall Street institutions that, in Obama’s words, took risks that “endangered the entire economy.” One provision that received relatively little public attention will make it easier for shareholders to oust board members from companies of all sorts. It’s a move that businesses far from Wall Street have been fighting for nearly a decade.