23rd Jun 2005 17:00
Pfizer to Amend Corporate Governance Principles Regarding Election of Directors New Rules Recognize Importance of Shareholder Views NEW YORK, June 23 -- Pfizer Inc announced today that the company's Board of Directors has amended Pfizer's corporate governance principles regarding the election of directors. Under the amendment to Pfizer's corporate governance principles, any director who receives a majority of withheld votes must submit his or her resignation to the board. The board will in turn consider the resignation and make a recommendation. "Today's decision is another example of our long-standing commitment to responding to the concerns of our shareholders," said Hank McKinnell, Pfizer chairman and chief executive officer. "In recent years, the issue of majority voting for directors to the boards of public companies has emerged as a critical corporate governance issue that our board has addressed with today's decision. In doing so, we are continuing Pfizer's tradition of leadership and innovation in corporate governance." As a leader in corporate governance, Pfizer was one of the first companies to eliminate its "poison pill" takeover defense as well as its classified board, under which all Pfizer directors are now elected to one-year terms. These changes have increased the accountability of Pfizer's Board of Directors to shareholders. SOURCE Pfizer Inc 06/23/2005 /CONTACT: Paul Fitzhenry of Pfizer Inc, +1-212-733-4637/ /Company News On-Call: Pfizer's press releases are available through PR Newswire's Company News On-Call service on PRN's Web Site. Visit http://www.prnewswire.com/comp/688250.html / /Photo: A free corporate logo to accompany this story is available immediately via Wieck Photo Database to any media with telephoto receiver or electronic darkroom, PC or Macintosh, that can accept overhead transmissions. To retrieve a logo, please call 972-392-0888./ /Company News On-Call: http://www.prnewswire.com/comp/688250.html / /Web site: http://www.pfizer.com / (PFE) ENDPFIZER INCRelated Shares:
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