Nordstrom adopts majority vote standard |
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Sat, 24 Feb 2007 00:12
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NEW YORK (AP) - Upscale department store operator Nordstrom Inc. said Friday it is implementing a majority vote standard for board members in uncontested elections.The new voting standard replaces the plurality standard, under which candidates who receive the most votes win, regardless of whether they received a majority of votes.Directors who do not receive the majority of votes are expected to resign from the board, the company said.The company said it will still use the plurality standard if the number of nominees exceed the number of directors to be elected.The company also changed the size of the board from a fixed number of directors -- it had been 9 -- to a range of 9 to 12 directors.Shares of Nordstrom fell $1.44, or 2.4 percent, to close at $58.22 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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