But when I asked her what could be done about a board like H.P.’s, she lit up. Under the new Dodd-Frank bill, she said, shareholders for the first time will be able to nominate their own candidate for the board. To do so, the nominating shareholders have to hold 3 percent of the stock — for three years.
That was a high bar, but not an impossible one, she believed. She said Calpers — the giant California public pension fund — “and a couple of its buddies could get together” and nominate a director or two.
She added: “It won’t work unless you can leverage extreme shareholder unhappiness. You can’t find a better example of that than at H.P.”
Which is something, I guess, though giant public employee unions would not be my preferred agents to reform corporate boards. Via the invaluable Felix Salmon twitter.