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.
South Florida Police Officers Sue Actors, Say Details in ‘The Rip’ Are Too Real 
Florida, Louisiana Insurer Safepoint Reveals 97% Revenue Surge in IPO filing 
US Efforts to End Iran War Stumble as Ship Seized Near UAE 
Florida Surplus Lines’ HO Premiums Now Average About the Same as Admitted Market 
