Kodak to Propose Annual Election of Board of Directors

Eastman Kodak Company's board of directors voted today to include, in the company's 2005 proxy statement, a management proposal that all board members be elected annually.

The proposal would eliminate the current "classified" system in which board members are elected to staggered, three-year terms. Under the proposal, the company would eliminate the classified system in stages, such that all board members would be elected to one-year terms beginning in 2008. The proposal, which would amend the company's Restated Certificate of Incorporation, requires shareholder approval.

See full Article.