EMC Corporation today announced that its Board of Directors approved an amendment to the company's Corporate Governance Guidelines to provide that any director nominee in an uncontested election who receives a "withhold" vote representing a majority of the votes properly cast shall offer his or her resignation to the Board of Directors. The Corporate Governance and Nominating Committee will in turn make a recommendation to the full EMC Board of Directors on the director's offer to resign. If requested by the Board, the director nominee will resign from the Board.
"Today's announcement gives shareholders a stronger voice in the process for selecting directors and represents the latest in a series of steps we have taken to further strengthen EMC's corporate governance practices," said Mike Ruettgers, Chairman of EMC's Board of Directors. "Adoption of this amendment demonstrates the Board's commitment to good corporate governance as it continuously reviews best practices and adopts those that serve the long-term interests of the company's shareholders."
See full Article. Also, see full text of new policy from the AMC site.
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