Gillette board restructuring
This article was originally published in The Rose Sheet
Executive Summary
Non-binding proposal to declassify Gillette's board of directors passed by shareholders during May 15 annual meeting. Of the 80% of Gillette shareholders that voted, 64% approved the proposal. Provision would end current system of electing board members to staggered terms by allowing shareholders to vote on entire board each year, ending guaranteed three-year terms. The board, which did not state when it would make a decision on the issue, cautioned against the proposal. It noted a classified board could be "an important part of Gillette's arsenal in resisting a takeover on terms that are not advantageous to all shareholders," according to an April 4 1proxy statement...
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