Marsh & McLennan's board of directors has adopted a series of amendments to the group's guidelines for corporate governance, designed to further improve its governance practices.
The amendments introduce the following new policies:
Directors must acquire MMC equity with a value of at least $100,000 within three years of joining the board;
Senior executives must attain specified levels of MMC equity ownership, based on a multiple of annual salary, over a five-year period;
As a general matter, directors should not serve on more than four additional public company boards;
A director elected by the board must stand for re-election at the next annual meeting of stockholders; and
A director who has a significant change in employment or other personal circumstances must offer to resign.
Stephen Hardis, MMC's independent chairman, said, “The board of directors continually looks for ways to improve MMC's approach to corporate governance. The policies announced today result from an ongoing review, and are the latest in a series of governance enhancements implemented by the board over the last two years.”
Michael Cherkasky, MMC's president and chief executive officer, added: “MMC is committed to strengthening all facets of its corporate performance. Striving to improve our governance practices is an important part of that process.”
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