MMC proposes annual director elections

Marsh & McLennan Cos. Inc.’s board of directors proposed eliminating staggered terms and subjecting all directors to annual election, according to a company statement issued today. The proposal, which the company will include in its 2008 proxy statement to amend the corporate charter, is subject to shareholder vote of approval at its annual meeting, scheduled for May. “The decision to declassify is the latest step in the board’s ongoing effort to implement best corporate governance practices at MMC,” Stephen R. Hardis, chairman of MMC’s board, said in the statement.