MINNEAPOLIS--(BUSINESS WIRE)--
Ameriprise Financial, Inc. (NYSE:AMP) today announced that its
board of directors amended the Company's by-laws to provide for
majority voting for directors in uncontested elections, beginning with
the next election of directors in April 2007. In contested elections,
directors will continue to be elected by plurality vote.
Under this new standard, an uncontested nominee who did not
receive an affirmative majority of "For" votes would be required to
immediately tender his or her resignation. The board's independent
Nominating and Governance Committee will then make a recommendation to
the board as to whether to accept or reject the resignation, or
whether other action should be taken. The board will publicly announce
its decision regarding the tendered resignation and the rationale
behind it within 90 days after the election results have been
certified. The resigning director will not be permitted to vote on the
recommendation of the Nominating and Governance Committee or the
board's decision with respect to his or her resignation.
The by-law amendments also require candidates for director to
provide additional information about potential conflicts or special
interests that could affect their ability to act in the best interests
of all shareholders. Candidates will be required to sign a
representation and agreement confirming that they are free of any
conflict of interest and are willing to abide by the mandatory
resignation policy explained above.
"I am pleased that the board has been proactive in addressing a
key corporate governance issue on the minds of shareholders," said Jim
Cracchiolo, chairman and chief executive officer, Ameriprise
Financial. "This new standard will ensure an even higher level of
accountability to Ameriprise Financial shareholders."
Ameriprise Financial, Inc. is a leading financial planning and
services company with more than 12,000 financial advisors and
registered representatives that provides solutions for clients' asset
accumulation, income management and insurance protection needs. The
Company's financial advisors deliver tailored solutions to clients
through a comprehensive and personalized financial planning approach
built on a long-term relationship with a knowledgeable advisor. The
Company specializes in meeting the retirement-related financial needs
of the mass affluent. Financial advisory services and investments are
available through Ameriprise Financial Services, Inc. Member NASD and
SIPC. For more information, visit ameriprise.com.
(C) 2006 Ameriprise Financial, Inc. All rights reserved.
Source: Ameriprise Financial