Aetna Board of Directors Takes Action to Further Strengthen Corporate Governance.Company Asks Shareholders to Make Majority Voting Majority voting Voting system under which corporate shareholders vote for each director separately. Related: Cumulative voting. majority voting Part of Articles of Incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. HARTFORD, Conn. -- Aetna (NYSE NYSE See: New York Stock Exchange : AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. ) today announced that its Board of Directors has voted to submit a proposal to shareholders to place a majority vote standard for the election of directors in the company's articles of incorporation. This action reinforces the company's longstanding commitment to solid corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and to providing shareholders a meaningful role in the election of directors. "Aetna has long been a leader in its commitment to sound corporate governance practices," said Ronald A. Williams, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We were among the first companies to adopt a majority vote standard in our corporate governance guidelines. In addition to conducting ourselves in accordance with these guidelines, the board's action to request that we imbed im·bed v. Variant of embed. imbed Verb [-bedding, -bedded] same as embed Verb 1. the voting standard into our articles of incorporation further demonstrates our commitment to shareholders." Shareholders will be asked to vote at the 2007 Annual Meeting on an amendment to the company's articles of incorporation that will require each nominee to the board to receive an affirmative vote of a majority of the votes cast to be elected. The majority voting standard will apply in uncontested elections. The company will retain its existing director resignation policy, under which incumbent directors who fail to receive a majority vote in favor of their re-election must submit a resignation for consideration by the board. The company will hold its 2007 annual meeting in Grapevine, Texas on April 27, 2007. Aetna is one of the nation's leading diversified health care benefits companies, serving approximately 29.8 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans and government-sponsored plans. www.aetna.com |
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