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.
Source: MMC
www.mmc.com.
Was this article valuable?
Here are more articles you may enjoy.
NAIC Victim of Cyber Incident Via PeopleSoft System 
NAIC Says Data Taken in Hack Has Been Published Online 
‘Ghost Broker’ Who Procured 1,120 Policies Through Fraud Arrested 
‘We’ll Want Some Proof’: State Farm CEO’s Take on NY Auto Insurance Reforms 
