WALTHAM, Mass., Sept. 29, 2011 /PRNewswire/ -- Mac-Gray Corporation (NYSE: TUC), the nation's premier provider of laundry facilities management services to multi-unit housing locations, today announced the results of a recent Board of Directors meeting during which the Board addressed two corporate governance items.
At Mac-Gray's 2011 Annual Meeting, stockholders voted to recommend that a non-binding advisory stockholder vote on executive compensation be held every year. The stockholders also approved a non-binding shareholder proposal to declassify the Company's Board of Directors.
"Our Board remains firmly committed to strong corporate governance," said Chairman Thomas E. Bullock. "We thoroughly reviewed and considered the stockholder advisory votes and will continue to evaluate our governance practices to ensure that they best serve the interest of all of Mac-Gray's stockholders. We also consulted with an outside firm on these governance issues in order to have an additional perspective."
At its recent meeting, Mac-Gray's Board, which is wholly composed of independent directors, unanimously agreed to:
- Implement an annual stockholder vote on executive compensation.
- Retain the classified structure of Mac-Gray's Board.