Allstate Announces Plans to Allow Shareholders to Call a Special Meeting

NORTHBROOK, Ill., Nov. 9, 2010 /PRNewswire-FirstCall/ -- The Allstate Corporation board of directors today announced plans to grant the right to call a special meeting to shareholders who hold at least 20% of the company's outstanding common stock. Resulting amendments to the company's certificate of incorporation will require shareholder approval at the 2011 annual meeting.

"A similar proposal was approved by a majority of shareholders in an advisory vote at last May's annual meeting. Our board has listened and responded," said Thomas J. Wilson, chairman, president and chief executive officer. "Our board also responded to shareholder sentiments when it terminated the rights plan in 2003, adopted a majority vote standard in the election of directors in 2006, and eliminated the supermajority vote provisions from our governance documents in 2007. We took these actions after a very thorough review of each issue in light of what's in the best interest of our shareholders. We are committed to shareowner accountability and strong corporate governance standards."

At last May's annual meeting, shareholders also cast advisory votes on a proposal to allow shareholders the right to act by written consent of a majority of shares outstanding in lieu of a meeting. The purpose of this proposal is similar to that of the special meeting proposal – both sought to give shareholders an opportunity to vote on important matters outside the normal annual meeting cycle. As a result of the decision to grant the right to stockholders to call special meetings, the board does not plan to take further action on written consent.

The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate is reinventing protection and retirement to help more than 17 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products (auto, home, life and retirement) and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®.

SOURCE The Allstate Corporation