Marsh & McLennan to Declassify Board

The board of Marsh & McLennan Cos. has decided to eliminate its current three-class structure.

As a result of the board’s declassification, pending shareholder approval, all directors would become subject to annual election as their existing three-year terms expire. MMC has said that it will include a company-proposed charter amendment in its 2008 proxy statement that would affect the board’s declassification, and will ask shareholders to approve the charter amendment at the company’s annual meeting in May.

“The decision to declassify is the latest step in the board’s ongoing effort to implement best corporate governance practices at MMC,” said Chairman Stephen R. Hardis in a statement.