Marsh & McLennan Companies, Inc. (MMC) today announced that its board of directors has decided to eliminate its current three-class structure, subject to shareholder approval.
As a result of the board’s declassification, all directors would become subject to annual election as their existing three-year terms expire.
MMC said it will include in its 2008 proxy statement a company-proposed charter amendment that would effect the board’s declassification, and will ask shareholders to approve the charter amendment at MMC’s annual meeting in May 2008.
“The decision to declassify is the latest step in the board’s ongoing effort to implement best corporate governance practices at MMC,” said Stephen R. Hardis, chairman of MMC’s board of directors.
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