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NIKE selects Majority Vote Standard for election of Directors

22
Feb '06
Footwear major NIKE Inc has adopted a majority voting standard for election of directors, beginning with the next election in September, 2006.

This decision further underscores Nike Inc's commitment to the highest standards of corporate governance, and greater accountability of the Board of Directors to Nike Inc shareholders.

Nike Inc's directors were previously elected using a plurality system whereby a candidate with the most votes could win regardless of the number of votes withheld.

The new corporate governance guideline requires that any nominee for director in an uncontested election who receives a greater number of votes "withheld" from his or her election than votes "for" such election would tender his or her resignation for consideration by the Nominating and Corporate Governance Committee.

The Committee would then recommend to the Board the action to be taken with respect to the resignation.

The Board must publicly disclose its decision within 90 days of the certification of the election results.

NIKE Inc based near Beaverton, Oregon is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities

NIKE Inc


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