Board Structure and Oversight Role
Board Leadership Structure
The HP Board continuously evaluates its leadership structure. Subsequent to the departure of Ms. Whitman from the Chief Executive Officer role in 2015, the Board determined that it would be in the best interests of the Company and its stockholders to separate the Chairman of the Board and Chief Executive Officer roles, with Ms. Whitman continuing as Chairman and Mr. Gupta being appointed Lead Independent Director. The Board believes that appointment of a Lead Independent Director ensures that HP benefits from effective oversight by its independent directors. Our Board believes that our current structure, with a non-executive Chairman who intimately knows and understands our business working in tandem with a Lead Independent Director who has strong, well-defined duties, gives our Board a strong leadership and corporate governance structure that best serves the needs of HP and its stockholders. The Board will continue to evaluate its leadership structure on an ongoing basis and may make changes as appropriate to HP and its future needs.
- oversees the planning of the annual Board of Directors calendar
- in consultation with the CEO, the Lead Independent Director and the other directors, schedules and sets the agenda for meetings of the Board of Directors and chairs and leads the discussion at such meetings
- chairs HP's annual meetings of stockholders
- is available in appropriate circumstances to speak on behalf of the Board of Directors
- provides guidance and oversight to management
- helps with the formulation and implementation of HP's strategic plan
- serves as the Board liaison to management
Lead Independent Director
- presides at all meetings of the Board of Directors at which the Chairman is not present
- has the authority to call meetings of the independent directors and schedules, sets the agenda for and presides at executive sessions of the independent directors
- serves as a liaison between the Chairman and the independent directors
- approves information sent to the Board of Directors
- approves Board of Directors meeting agendas and schedules to assure that there is sufficient time to cover all agenda items
- assists the Chairs of the Board committees in preparing agendas for the respective committee meetings
- is available for consultation and direct communication with major stockholders upon request
- work with the HRC Committee to coordinate the annual performance evaluation of the CEO
- work with the NGSR Committee to oversee the Board of Directors and committee evaluations and recommend changes to improve the Board of Directors, the committees and individual director effectiveness
- perform such other functions and responsibilities as set forth in the Corporate Governance Guidelines or as requested by the Board of Directors from time to time
Board Risk Oversight
During fiscal 2016, the directors met in executive session five times of which at least one included an additional executive session of only the independent directors. As Lead Independent Director during fiscal 2016, Mr. Gupta scheduled and chaired each executive session held during fiscal 2016. Any independent director may request that an additional executive session be scheduled.
Communications with the Board
Stockholders can contract the HP Board by email at firstname.lastname@example.org or by mail at:
The HP Board of Directors
1501 Page Mill Road
Palo Alto, CA
All directors have access to this correspondence. In accordance with instructions from the Board, the Secretary to the Board reviews all correspondence, organizes the communications for review by the Board and posts communications to the full Board or to individual directors, as appropriate. Our independent directors have requested that certain items that are unrelated to the Board's duties, such as spam, junk mail, mass mailings, solicitations, resumes and job inquiries, not be posted. Communications that are intended specifically for the Chairman of the Board, the Lead Independent Director, other independent directors or the non-employee directors should be sent to the e-mail address or street address noted above, to the attention of the Chairman of the Board.
Code of Conduct
We maintain a code of business conduct and ethics for directors, officers and employees known as our Standards of Business Conduct, which is available on our website at http://h30261.www3.hp.com/governance/standards-of-business-conduct.aspx.