Carpenter Technology has amended the company's by-laws to adopt a majority vote standard for uncontested director elections.
‘The Board's decision to adopt a majority voting standard demonstrates the company's strong commitment to a sound governance framework,’ said Gregory Pratt, Carpenter's chairman of the board. ‘We heard from our shareholders that they consider majority voting a priority. We reviewed our voting standards and concluded that adoption of majority voting is in the best interests of Carpenter and its shareholders.’
Carpenter's board of directors also appointed the company's first chief governance officer, James D Dee, who currently serves as vice president, general counsel and secretary. ‘Our board and our management team wanted to make it easier for shareholders to communicate with us about governance, compensation and corporate responsibility issues,’ said Pratt.
This story is reprinted from material from Carpenter, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
