The Chubb Corporation has amended Chubb’s Corporate Governance Guidelines regarding the election of directors to its board.
Under the amended guidelines, any director who receives more “withheld” or “against” votes than “for” votes in an uncontested election must submit his or her resignation to the board. The board would then have 90 days to decide whether to accept the tendered resignation.
“The Board of Directors believes that adoption of the standard announced today enhances the Board’s accountability to shareholders and demonstrates Chubb’s continuing commitment to strong corporate governance,” said Joel J. Cohen, lead director of Chubb.
Chubb’s Corporate Governance Guidelines are posted on the company’s Internet web site at http://www.chubb.com/.
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