Council of Institutional Investors

Support Builds for CII Petition for Listing Standard on Majority Voting for Directors
Wednesday, July 17, 2013
by: Amy Borrus

Section: CII Governance Alert

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Investors across the globe and other interested parties have endorsed CII’s June 20 petition at the NYSE and Nasdaq to make majority voting for directors a listing standard. To date the following have sent letters to the exchanges asking both to amend their standards for listed companies to require that directors who do not receive a majority of votes in uncontested elections resign promptly and not be reappointed: AMEC (Brazilian Association of Capital Market Investors), British Columbia Investment Management Corp., CalSTRS, governance expert Stephen Davis, Florida State Board of Administration, Hermes Equity Ownership Services and the International Corporate Governance Network. Other market participants have told CII they also plan to send comment letters supporting this most fundamental of corporate governance principles. CII encourages members to send letters of support to the exchanges. For questions about CII's proposal or help crafting a comment letter, please contact CII General Counsel Jeff Mahoney.
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