CalSTRS Statement on the Appointment of Ralph Whitworth To Hewlett-Packard’s Board of Directors
CalSTRS applauds corporate governance partner named to technology company board
WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) applauds the appointment of its longtime corporate governance partner, Ralph Whitworth, to the Hewlett-Packard Board of Directors.
The California State Teachers’ Retirement System (CalSTRS) applauds the appointment of its longtime corporate governance partner, Ralph Whitworth, to the Hewlett-Packard Board of Directors.
CalSTRS is a long-term investor in Hewlett-Packard, holding 9.58 million shares of its stock valued at $254.9 million, as of October 31, 2011. Whitworth heads the Registered Investment Adviser and asset management firm, Relational Investors, which manages approximately $6.1 billion and has worked with CalSTRS since 2004 to improve the governance practices of many publicly-traded companies.
“The Whitworth appointment is a serious first step towards allaying investors’ concerns about Hewlett-Packard’s governance, board composition and recent performance,” said CalSTRS Corporate Governance Director Anne Sheehan. “The addition of a large credible shareholder will bring a valuable perspective to the board’s deliberations and send a strong positive message to Hewlett-Packard shareholders that this iconic California company is serious about making positive changes in its leadership practices.”
The California State Teachers’ Retirement System, with a portfolio valued at $148.2 billion as of October 31, 2011, is the largest teacher pension fund and second largest public pension fund in the United States. CalSTRS administers a hybrid retirement system, consisting of a traditional defined benefit, cash balance and defined contribution plan, as well as disability and survivor benefits. CalSTRS serves California’s 852,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.