Board also to propose elimination of supermajority voting standards
ATLANTA, Nov. 12, 2007 /PRNewswire-FirstCall/ -- Newell Rubbermaid
(NYSE: NWL) today announced that its board of directors has amended its
bylaws to adopt a majority vote standard for uncontested director
elections. The board's actions are part of Newell Rubbermaid's ongoing
review of corporate governance practices and reflect the board's commitment
to addressing stockholder concerns. The new majority vote standard will be
in effect for the next annual meeting of stockholders in May 2008.
Under the new majority vote standard, the number of shares voted "for"
a director must exceed the number of votes cast "against" that director in
order for that director to be elected to the board. This standard replaces
the company's prior plurality standard, except in contested elections
(i.e., elections where there are more nominees than directors to be
elected).
Newell Rubbermaid also announced that its board plans to submit a
proposal to shareholders that, if adopted, would eliminate the "fair price"
and all other supermajority voting provisions from the company's charter.
Instead, the vote of a simple majority of outstanding shares would apply.
This proposal, which will be voted on by shareholders at the company's 2008
annual meeting, will require the approval of at least 75 percent of the
outstanding shares of the company.
About Newell Rubbermaid
Newell Rubbermaid Inc. is a global marketer of consumer and commercial
products with sales of approximately $6 billion and a strong portfolio of
brands, including Sharpie(R), Paper Mate(R), DYMO(R), EXPO(R), Waterman(R),
Parker(R), Rolodex(R), IRWIN(R), LENOX(R), BernzOmatic(R), Rubbermaid(R),
Graco(R), Calphalon(R) and Goody(R). The company is headquartered in
Atlanta, Ga., and has approximately 22,500 employees worldwide.
This press release and additional information about the company are
available on the company's Web site, http://www.newellrubbermaid.com.
NWL-EX
SOURCE Newell Rubbermaid
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Related links:
http://www.newellrubbermaid.com
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CONTACT:
Ron Hardnock, Vice President, Investor
Relations, or David Doolittle, Vice President, Corporate
Communications, of Newell Rubbermaid, +1-770-407-3994, Fax,
+1-770-407-3983
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