Clock Ticking on H-P Reforms

Hewlett-Packard (HPQ Quote) and its CEO Mark Hurd have racked up financial gains for shareholders by improving profitability, boosting market share and overtaking chief rival Dell (DELL Quote) in sales of personal computers.

But the company has a mixed record when it comes to addressing shareholder concerns about corporate governance and reforming its troubled board of directors.

H-P is recovering from years of highly public boardroom clashes and ethical lapses that led to charges of conspiracy and battles with shareholders, legislators and the Securities and Exchange Commission. While the company has followed its own path to reform, it has rejected proposals from shareholders who are concerned that boardroom discord can distract directors from their duty to oversee management. ...