Wednesday, July 19, 2006

Vote of confidence

The board of directors at Sherwin-Williams Co. has voted to adopt a new majority voting policy when it comes to electing its directors.
The Cleveland-based coatings company’s new voting policy states that “any director in an uncontested election who receives more ‘withheld’ votes than ‘for’ votes is required to tender his or her resignation to the board's nominating and corporate governance committee.”
From there, the committee will make a recommendation to the board whether it should accept the resignation or take some other action. Board directors are elected annually by the company’s stockholders.

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