Business News
Kodak Board Adopts Majority Vote Standard for Election of Directors
Tuesday 03. March 2009 - Company By-Law Changes Further Enhance Accountability to Shareholders
Eastman Kodak Company (NYSE:EK) today announced that its Board of Directors has amended the companys by-laws, as a result of a recent change in New Jersey law, to reflect its current standard of electing directors by majority vote. Under the majority vote standard a nominee must receive more votes cast “for” than cast “against” in order to be elected to the companys board.
The majority voting provision applies only in uncontested elections, where the number of nominees does not exceed the number of open board seats. In contested elections, where the number of nominees exceeds the number of open board seats, the company will maintain a plurality voting standard.
The companys by-laws were also amended to delete a historical reference to the boards previous classified board structure. Beginning with the 2008 Annual Meeting of the companys shareholders, all of the companys directors annually stand for one-year terms.
“We are committed to maintaining best-in-class standards for corporate governance,” said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. “This further reinforces that commitment and enhances the boards accountability to our shareholders.”