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HP board approves new executive pay policy

The motion for pay tied closer to performance was first brought up at the shareholder meeting in March.

Hewlett-Packard's board of directors agreed with shareholders Thursday, passing a new policy tying executive pay closer to performance.

The company disclosed the new program, in which stock issued to executives will vest based on whether individuals meet their performance goals over a three-year period, in an SEC filing Friday.

The issue was first brought up at the annual shareholders' meeting in March. The proposal surfaced in response to shareholders' unhappiness regarding the compensation given to ex-CEO Carly Fiorina after she was removed by the board.

HP has not revealed any specifics about how performance will be measured, but will reveal more details at the next shareholder meeting next year, according to the SEC filing.