COVINGTON, Ky., July 16 /PRNewswire-FirstCall/ -- The board of
directors of Ashland Inc. (NYSE: ASH) today voted to recommend that
shareholders amend the company's Articles of Incorporation to require
majority voting in the election of directors. Under Kentucky corporate law,
a plurality of votes is the required standard to elect directors absent a
provision to the contrary in a company's Articles of Incorporation.
Ashland's current Articles of Incorporation follow the Kentucky law
provision requiring a plurality of votes in director elections.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO )
The majority voting provision endorsed by Ashland's directors would
apply only in uncontested elections. In contested elections, a plurality
standard would still be applied. The vote of a majority of shareholders
represented at Ashland's annual meeting, currently scheduled for Jan. 29,
2009, will be required to approve the majority voting amendment to
Ashland's articles.
The board's action was in response to a vote by Ashland shareholders at
the 2008 annual meeting to initiate the process to require majority voting.
Ashland Chairman and Chief Executive Officer James J. O'Brien told
shareholders at that meeting that the board would consider their request.
Today, O'Brien said, "This change is a sign of Ashland's commitment to the
practices of good corporate governance and to acting in accordance with our
shareholders' interests."
Ashland Inc., a diversified, global chemical company, provides quality
products, services and solutions to customers in more than 100 countries. A
FORTUNE 500 company, it operates through four divisions: Ashland
Performance Materials, Ashland Distribution, Valvoline and Ashland Water
Technologies. To learn more about Ashland, visit http://www.ashland.com .
FORTUNE 500 is a trademark of Time Inc.
SOURCE Ashland Inc.
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Related links:
http://www.ashland.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/065263.html /
CONTACT:
Media Relations: Jim Vitak, +1-614-790-3715,
jevitak@ashland.com, Investor Relations: Eric Boni,
+1-859-815-3527, enboni@ashland.com, both of Ashland Inc.
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