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 forconsideration 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.