HP shareholder revolt targets two directors, auditor over Autonomy purchase

CtW Investment Group wants the removal of two long-standing directors and the independent auditor

By , IDG News Service |  Software

Thompson, an audit committee member since 2006 and current audit committee chairman, as well as past member of the Finance and Investment Committee from 2010 to 2011 holds primary responsibility for the HP board's willingness to pay high non-audit fees to Ernst & Young, HP's independent auditor, which have regularly exceeded 40 percent of total payments to the firm, CtW said.

The non-audit consulting services in CtW's opinion threatens both "the appearance and actuality of auditor independence." In a letter to HP in January, CtW asked for replacement of Ernst & Young before Feb. 1, and the constitution of an investigation by an "independent special master" who would report to shareholders on both the Autonomy and EDS acquisitions.

"We feel we have the right Board in place to turn HP around," HP said in an emailed statement on Tuesday.

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