Visteon Corporation Board Adopts Majority Vote Standard for Election of Directors
VAN BUREN TOWNSHIP, Mich., Feb. 29, 2012 /PRNewswire/ -- Visteon Corporation (NYSE: VC) announced today that its board of directors has amended the company's bylaws to adopt a majority voting standard for the election of directors. The new standard is effective immediately and will apply to all future elections.
The company's new majority vote standard requires each nominee for election to the board to receive a majority of the votes cast to be elected to the board. Previously, under a plurality standard, candidates receiving the most votes were elected, regardless of whether those votes constituted a majority. Plurality voting still will apply in contested elections, where the number of director candidates exceeds the number of director positions available.
Visteon is a leading global automotive supplier that designs, engineers and manufactures innovative climate, electronic, interior and lighting products for vehicle manufacturers. With corporate offices in Van Buren Township, Michigan. (U.S.); Shanghai, China; and Chelmsford, UK; the company has facilities in 27 countries and employs approximately 26,000 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation