Majority Vote Requirement for Directors Adopted by Dell

Posted on February 2, 2006 by Francis Pileggi

The Chicago Tribune reports today, download file, that ” The computer-maker changed its bylaws to require that directors running in uncontested proxy voting elections must receive the approval of a majority of the shares entitled to vote in the election. An incumbent director who fails to clear that hurdle will be required to resign.” Previous shareholder proposals to make this change were not successful. Perhaps this is an example of the power of perseverance.