Applied Materials

(AMAT) - Get Report

said its board amended the company's corporate governance guidelines and implemented a majority voting policy for electing directors.

Under the policy, in the event that a nominee for director in an uncontested election receives more "withheld" votes for their election than "for" votes, the director must submit a resignation to the board. The corporate governance and nominating committee will then make a recommendation to the board on whether to accept the resignation.

Shares of Applied Materials, a chip-equipment maker, were down 5 cents at $17.29.