Administration October 23, 2006

Marsh & McLennan Adopts Corp. Governance Amendments

October 23, 2006 (PLANSPONSOR.com) - Marsh & McLennan Companies, Inc. (MMC) has announced its board of directors has adopted amendments to the company's corporate governance guidelines.
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According to a press release, the amendments include the following policies:

  • Directors must acquire MMC equity with a value of at least $100,000 within three years of joining the board;
  • Senior executives must attain specified levels of MMC equity ownership, based on a multiple of annual salary, over a five-year period;
  • As a general matter, directors should not serve on more than four additional public company boards;
  • A director elected by the board must stand for re-election at the next annual meeting of stockholders; and
  • A director who has a significant change in employment or other personal circumstances must offer to resign.

“The policies announced today result from an ongoing review, and are the latest in a series of governance enhancements implemented by the board over the last two years,” said Stephen Hardis, MMC’s independent chairman, in the press release.

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The amended version of MMC’s guidelines for corporate governance can be viewed at  www.mmc.com .

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