Marsh & McLennan Companies Inc. said it would now elect its directors by majority vote, and any director not receiving a majority vote would have to resign.
The New York-based company's new by-laws become effective immediately and will apply to MMC's annual meeting of stockholders in May 2007.
MMC said that in an uncontested election of directors, a director nominee will be elected or re-elected only if the number of votes cast “for” exceeds the number of votes cast “against” the nominee. Previously, the election was by plurality.
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