Broadcom exec faces opposition

Shareholders of chip maker Broadcom Corp. should withhold votes for Chairman Henry Samueli at their annual meeting because of his role in backdating stock options, a corporate-governance group recommended.

Irvine-based Broadcom in January reported the largest restatement so far related to misdated stock options, adding $2.2 billion in costs for the years 1998 to 2005. The maker of silicon chips for consumer devices said Samueli reasonably relied on outside experts when granting the options.

“The internal process the board conducted was unsatisfactory and not sufficiently independent,” Proxy Governance said.