The Wall Street Journal-20080215-Marsh Plans Board Revamp

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Marsh Plans Board Revamp

Full Text (67  words)

NEW YORK -- Marsh & McLennan Cos. is proposing to eliminate the current three-class structure of its board.

The declassification of the board, if shareholders approve, would subject directors at the insurance broker to annual election as existing three-year terms expire. Stephen R. Hardis, chairman, said, "The decision to declassify is the latest step in the board's ongoing effort to implement best corporate governance practices at MMC."