NOTICE OF EXEMPT SOLICITATION SUBMITTED BY NON-MANAGEMENT
U.S. Securities and Exchange Commission
Washington, DC 20549
Notice of Exempt Solicitation under Rule 14a-103
Name of Registrant: Hewlett Packard Inc.
Name of person relying on exemption: Bowyer Research
Address of person relying on exemption: P.O. Box 120, McKeesport PA 15135
Vote Yes: Proposal 6 – Shareholder Empowerment
Bowyer Research submits the following:
The Case for Shareholder Empowerment
1.Transparency and Accountability:
○Shareholders invest their hard-earned money in companies, and they deserve transparency regarding executive compensation.
○Proposal 6 ensures that golden parachutes are subject to shareholder scrutiny, promoting greater accountability.
2.Mitigating Agency Problems:
○Agency theory posits that executives may prioritize their interests over those of shareholders.
○By granting shareholders a vote, Proposal 6 aligns executive compensation with shareholder value.
3.Incentivizing Prudent Decision-Making:
○When shareholders have a say, executives are incentivized to negotiate reasonable severance terms.
○Excessive golden parachutes can discourage prudent business decisions.
Potential Benefits
1.Balanced Compensation:
○Shareholders can assess whether golden parachutes are commensurate with performance.
○Proposal 6 encourages boards to strike a balance between protecting executives and safeguarding shareholder interests.
2.Avoiding Windfall Gains:
○Some golden parachutes provide executives with windfall gains even when their tenure is short or performance is lackluster.
○Shareholder votes can prevent such scenarios.
3.Enhanced Corporate Governance:
○Proposal 6 strengthens the checks and balances within organizations.
○Boards must justify golden parachutes to shareholders, fostering better governance practices.
Addressing Concerns
1.Complexity and Timing:
○Critics argue that shareholder votes may delay critical business decisions.
○Proposal 6 can be fine-tuned to ensure timely decision-making without compromising due diligence.
2.Unintended Consequences:
○Some fear that shareholder votes might lead to suboptimal outcomes.
○Rigorous analysis and clear guidelines can mitigate unintended consequences.
Conclusion
Proposal 6 represents a step toward a more equitable corporate landscape. By empowering shareholders to vote on golden parachutes, we promote transparency, accountability, and responsible governance. Commitment to shareholder rights sets a positive precedent for other companies to follow. Proposal 6 can be a catalyst for positive change in executive compensation practices.
For these reasons, we urge you to vote FOR Shareholder Proposal No. 6 on HP’s 2024 Proxy.
Sincerely,
Jerry Bowyer
President
BOWYER RESEARCH
P.O. Box 120
McKeesport PA 15135
This is not a solicitation of authority to vote your proxy. Please do not send us your proxy card as it will not be accepted.
