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