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Article: Majority vote hot topic for boards.
- Article from:
- Chicago Tribune (Chicago, IL)
- Article date:
- April 10, 2005
CopyrightCOPYRIGHT 2005 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Andrew Countryman
Apr. 10--Once you're nominated, winning a seat on a corporate board of directors, generally speaking, is simple enough: Get a vote, get elected.
But a group of shareholders is out to change that, filing resolutions at nearly 80 companies urging them to adopt standards in which nominees must win a majority of the votes cast to secure their seats.
It is, experts say, the hottest issue in this proxy season.
"This is really a fascinating one," said Patrick McGurn, a corporate governance expert at the Institutional Shareholder Services proxy advisory firm. "This would be a very substantial change in the way ...