(The Associated Press circulated the following on July 12.)
JACKSONVILLE, Fla. — Railroad operator CSX Corp. on Thursday said its board has adopted a majority-voting standard for directors in uncontested elections.
Under the new standard, a nominee will be elected only if the number of votes cast “for” exceed the number of votes “against.” If an incumbent does not receive a majority of the votes cast, the director must tender his or her resignation to the board, which has 90 days to decide whether to accept it.
In contested elections, the plurality vote standard will continue to apply, according to the company.
Shares of CSX added 56 cents to $47.91 on Thursday.