By: E&P Staff Gannett Co. Inc., the nation's largest newspaper company, on Tuesday adopted an election procedure for its board of directors that has been favored by corporate governance reformers.
Gannett's board amended its corporate governance principles to require any nominee for director in an uncontested election -- as virtually all elections are -- who receives a greater number of "withheld" votes than "for" votes, to submit a letter of resignation to the board's Nomination and Public Responsibility Committee. The committee would then recommend action on the resignation offer to the full board.
"Today's amendment gives shareholders a greater voice in the election process, which is good corporate governance and good for the company," Gannett President and CEO Craig Dubow said in a prepared statement.
Previously, Gannett's directors were elected by plurality vote, the procedure followed by most corporations.
At its meeting Tuesday, Gannett directors also declared a quarterly dividend of 29 cents per share. The dividend is payable on January 3, 2006 to shareholders of record on December 16, 2005.
Comments
No comments on this item Please log in to comment by clicking here