P. Schoenfeld Asset Management Welcomes Saks' Proposal to Declassify Board of Directors and Saks' Adoption of Majority Voting Standard for Uncontested Director Elections
NEW YORK, Feb. 11 /PRNewswire/ -- P. Schoenfeld Asset Management LP (PSAM) announced today that it welcomed the proposal by the Board of Directors of Saks Incorporated (NYSE: SKS) (Saks) to declassify the Board and the Board's adoption of Corporate Governance Guidelines providing for majority voting in uncontested elections of directors.
"Saks' shareholders voted overwhelmingly at the last annual meeting in favor of our proposal to declassify the Board," said Peter Schoenfeld, Chairman and Chief Executive Officer of PSAM. "We are pleased that the Board is now responding constructively to the views of Saks' shareholders."
"If the Board's proposal is adopted, a majority of the Saks Board will be up for election at the 2011 annual meeting," Mr. Schoenfeld said, "and shareholders will have the opportunity to elect all directors to one-year terms beginning in 2012. We believe this will enhance the Board's effectiveness for the benefit of Saks and all its shareholders."
The Board's proposal will be adopted by the shareholders of Saks at the 2010 annual meeting of the shareholders if the number of shares voted in favor of the proposal exceeds the number of shares voted against it, assuming that a quorum is present. PSAM's proposal at the 2009 annual meeting to ask the Board to begin the declassification process was approved by 94% of the shares voting on the matter.
PSAM also supports the Board's adoption of a majority voting policy for uncontested elections to the Board. The majority voting policy, which will be in effect at the 2010 annual meeting of the shareholders, requires each director nominee to deliver a letter of resignation to Saks that may be acted upon by the Board if the director fails to receive a majority of the votes cast in an uncontested election at an annual meeting of the shareholders.
SOURCE P. Schoenfeld Asset Management LP
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