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U. S. Steel Management Proposal to Declassify Its Board of Directors
02/04/2014 - United States Steel Corporation announced that its board of directors voted unanimously to submit a proposal to the company's shareholders at the 2014 annual meeting to amend U. S. Steel's certificate of incorporation to elect directors annually.
U. S. Steel's directors are currently divided into three classes, with the members of each class serving staggered three year terms so that one-third of the board is elected each year.
If the shareholders adopt this proposal, directors elected at the 2014 annual meeting would serve a final three year term, and directors due for election in 2015 will be the first to be elected for one year terms. By 2017, all company directors would be elected annually.
The proposal will be detailed in U. S. Steel's 2014 proxy statement and be voted upon at the annual meeting of stockholders on 29 April 2014.
If the shareholders adopt this proposal, directors elected at the 2014 annual meeting would serve a final three year term, and directors due for election in 2015 will be the first to be elected for one year terms. By 2017, all company directors would be elected annually.
The proposal will be detailed in U. S. Steel's 2014 proxy statement and be voted upon at the annual meeting of stockholders on 29 April 2014.
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