Diversified media company
amended its corporate governance guidelines to include a majority voting policy in the election of directors.
Under the company's policy, if an incumbent director is nominated for another term on the board but does not receive at least a majority of the votes cast, the director must promptly submit his or her resignation to the board. The board's nominating and corporate governance committee will make a recommendation to the board to accept, reject, or take other action in regard to the tendered resignation. The board must take action on the resignation, and publicly disclose its decision, including the rationale behind the decision, within 90 days from the date of certification of the election results. The director who submits his or her resignation will not participate in the committee's or the board's consideration of the matter.
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