The board of Marsh & McLennan Cos. has decided toeliminate its current three-class structure.
As a result of the board’s declassification, pending shareholder approval, all directorswould become subject to annual election as their existing three-year termsexpire. MMC has said that it will include a company-proposed charteramendment in its 2008 proxy statement that would affect the board’sdeclassification, and will ask shareholders to approve the charter amendment atthe company’s annual meeting in May.
“The decision to declassify is the latest step in the board’songoing effort to implement best corporate governance practices at MMC,”said Chairman Stephen R. Hardis in a statement.