J-H Adopts Majority Voting

The board of Jackson Hewitt Tax Service yesterday unanimously approved enhancements to its corporate governance policies to include the adoption of majority voting for uncontested elections of directors effective at its 2008 annual meeting.

In addition, the country's second largest tax preparer said it would will present proposals to stockholders to declassify its board and to allow them a say on pay policies.

Last fall, the tax preparer voted to separate the chairman and CEO roles and to require that the chair be an independent director.

 "Jackson Hewitt is committed to pursuing corporate governance practices that are in the best interests of the company and our stockholders," said Margaret Milner Richardson, board chair, in the statement. "Instituting majority voting, taking steps to declassify our board and providing for stockholder "say on pay" are all actions that increase board accountability, give stockholders a greater voice in corporate matters, and ensure tighter alignment of corporate and stockholder interests."