MMC to Propose Declassification of Its Board of...
Marsh & McLennan
Marsh & McLennan Companies, Inc. (MMC) today announced that its Board of
Directors has decided to eliminate its current three-class structure, subject to
shareholder approval. As a result of the Board's declassification, all directors
would become subject to annual election as their existing three-year terms
expire. MMC will include in its 2008 proxy statement a company-proposed charter
amendment that would effect the Board's declassification, and will ask
shareholders to approve the charter amendment at MMC's annual meeting in May
2008.
Stephen R. Hardis, chairman of MMC's Board of Directors, said, 'The decision to
declassify is the latest step in the Board's ongoing effort to implement best
corporate governance practices at MMC.'
MMC is a global professional services firm providing advice and solutions in the
areas of risk, strategy and human capital. It is the parent company of a number
of the world's leading risk experts and specialty consultants, including Marsh,
the insurance broker and risk advisor; Guy Carpenter, the risk and reinsurance
specialist; Kroll, the risk consulting firm; Mercer, the provider of HR and
related financial advice and services; and Oliver Wyman, the management
consultancy. With more than 55,000 employees worldwide and annual revenue
exceeding $11 billion, MMC provides analysis, advice and transactional
capabilities to clients in more than 100 countries. Its stock (ticker symbol:
MMC) is listed on the New York, Chicago, and London stock exchanges. MMC's
website address is www.mmc.com.
This press release contains 'forward-looking statements,' as defined in the
Private Securities Litigation Reform Act of 1995. These statements, which
express management's current views concerning future events or results, use
words like 'anticipate,' 'assume,' 'believe,' 'continue,' 'estimate,' 'expect,'
'intend,' 'plan,' 'project' and similar terms, and future or conditional tense
verbs like 'could,' 'may,' 'might,' 'should,' 'will' and 'would.' For example,
we may use forward-looking statements when addressing topics such as: changes in
our business strategies and methods of generating revenue; the development and
performance of our services and products; market and industry conditions,
including competitive and pricing trends; changes in the composition or level of
MMC's revenues; our cost structure and the outcome of cost-saving initiatives;
dividend policy and share repurchase programs; the expected impact of
acquisitions and dispositions; pension obligations; cash flow and liquidity;
future actions by regulators; the outcome of contingencies; the impact of
changes in accounting rules; and changes in senior management.
Forward-looking statements are subject to inherent risks and uncertainties. MMC
and its subsidiaries operate in a dynamic business environment in which new
risks may emerge frequently. Accordingly, MMC cautions readers not to place
undue reliance on its forward-looking statements, which speak only as of the
dates on which they are made. MMC undertakes no obligation to update or revise
any forward-looking statement to reflect events or circumstances arising after
the date on which it is made. Further information concerning MMC and its
businesses, including information about factors that could materially affect our
results of operations and financial condition, is contained in MMC's filings
with the Securities and Exchange Commission, including the 'Risk Factors'
section of MMC's most recently filed Annual Report on Form 10-K.
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Media:
MMC
Christine Walton, 212-345-0675
christine.walton@mmc.com
or
Investors:
MMC
Mike Bischoff, 212-345-5470
jmichael.bischoff@mmc.com
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