The directors of US supermarket operator Supervalu have voted to declassify the company’s board.
Consequently, from the 2009 annual meeting of stockholders, directors will be elected on an annual basis.
Directors whose term expires at the 2010 or 2011 annual meeting of stockholders will hold office until the end of the term for which they were elected, the company said.
From 2011, all directors will stand for election annually.
“The board and management are committed to the highest standard of corporate governance at Supervalu,” Jeff Noddle, Supervalu chairman and CEO said.
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