Infinity Announces Corporate Governance Proposal For Annual Election of Directors
CAMBRIDGE, Mass., March 20, 2007 (PRIME NEWSWIRE) -- Infinity
Pharmaceuticals (NasdaqGM:INFI - News) announced today that
its Board of Directors unanimously voted to approve a
corporate governance initiative to declassify the Board.
In addition, the Board determined that Eric S. Lander, Ph.D.
and Franklin Moss, Ph.D. now qualify as "independent
directors" under the NASDAQ Marketplace Rules, increasing the
percentage of the company's independent directors from 67% to 83%.
The Board unanimously voted to submit proposals to amend
Infinity's certificate of incorporation and bylaws to
eliminate the classification of the Board to stockholders
at Infinity's 2007 annual stockholder meeting, which is
scheduled for May 30, 2007. If stockholders approve the
proposals by the requisite vote, all directors would stand
for election or re-election each year beginning at Infinity's
2008 annual stockholder meeting.
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This is not yet posted on the IPI website, maybe it is
not filed with the SEC.
investor.ipi.com
If anybody knows the importance of this move to "declassify
the Board" please do post. I found "staggered terms for
directors impedes upon accountability", so this is a very
minor plus in my mind. I'd put it up there with dissolving
the scientific advisory board which saves a little money,
but otherwise rates a "huh?" |
