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O-I Adopts Majority Vote Standard for Director Elections
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 Owens-Illinois, Inc., announced that its Board of Directors has amended the company's corporate governance guidelines to include a provision that any nominee for director in an uncontested election who receives more withheld votes than affirmative votes must submit his or her resignation for
consideration by the Nominating/Corporate Governance Committee. In turn, the committee will consider the resignation and make a recommendation to the Board on the actions to be taken with respect to such offer of resignation.
"We have a highly capable, energetic and diverse group of directors representing our shareholders. The outcome of this decision ultimately gives our shareholders a greater voice in the process of selecting our Board of Directors and is a reflection of O-I's commitment to an ongoing transparent
approach to corporate governance," said Steve McCracken, O-I Chairman and CEO.
O-I's Board currently consists of ten members including three new members named this year.
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October 27th, 2005
Photo: O-I
Source: O-I |
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