The board of Marsh & McLennan Companies Inc. has established a new majority voting policy for the election of directors.
Under the policy, in an uncontested election of directors, any nominee who does not have the clear support of a majority of the board must tender a resignation to the chairman of the board. The board then would have 90 days to decide whether to accept the resignation or accept the individual to the board.
Under the rule, a board member must have more votes for his nomination than votes withheld.
The company also promised to make prompt public disclosure of the board’s decision and an explanation of the process by which the decisions was reached.