Information services provider McGraw-Hill Companies, US, has announced plans to enhance certain corporate governance provisions. The company's Chairman, President and CEO, Harold McGraw III, has recommended to the board that the company eliminate its classified board of directors and the requirements in the company's certificate of incorporation for supermajority votes to approve certain corporate actions. This followed discussions with shareholders on the matters to be acted upon at the Annual Meeting of Shareholders slated for April 29, 2009.
At a recently held meeting, the board unanimously determined to recommend to shareholders at the 2010 Annual Meeting an amendment to the company's Certificate of Incorporation to provide that all of the directors be elected at each Annual Meeting, thereby eliminating the classified structure which results in one-third of the directors being elected each year. Also, the board unanimously decided upon the elimination of supermajority votes required for various corporate actions.
Founded in 1888, McGraw-Hill is a global information services provider meeting worldwide needs in the financial services, education and business information markets through brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. It has more than 280 offices across 40 countries.
