Business News
WEYERHAEUSER ANNOUNCES PROPOSED GOVERNANCE CHANGES
Wednesday 16. December 2009 - Weyerhaeuser Company (NYSE: WY) today announced that its board of directors has approved amendments to the companys articles of incorporation to eliminate the companys classified board structure and remove existing super majority voting provisions.
“The board regularly reviews the companys corporate governance practices and has made a number of changes over the last few years as standards of corporate governance have evolved,” said Chuck Williamson, chairman. “The board believes that these amendments are in the best interest of the company and its shareholders.”
The board will ask shareholders to approve these amendments at Weyerhaeusers annual shareholder meeting in April 2010. It will take a 66 2/3 percent favorable vote of the outstanding shares to approve the amendments. Shareholders will receive information on these proposals in the 2010 proxy statement to be mailed in February.