NORTHBROOK, Ill., Nov. 9, 2010 /PRNewswire-FirstCall/ -- The
Allstate Corporation board of directors today announced plans to
grant the right to call a special meeting to shareholders who hold
at least 20% of the company's outstanding common stock. Resulting
amendments to the company's certificate of incorporation will
require shareholder approval at the 2011 annual meeting.
"A similar proposal was approved by a majority of shareholders
in an advisory vote at last May's annual meeting. Our board has
listened and responded," said Thomas J.
Wilson, chairman, president and chief executive officer.
"Our board also responded to shareholder sentiments when it
terminated the rights plan in 2003, adopted a majority vote
standard in the election of directors in 2006, and eliminated the
supermajority vote provisions from our governance documents in
2007. We took these actions after a very thorough review of each
issue in light of what's in the best interest of our shareholders.
We are committed to shareowner accountability and strong corporate
governance standards."
At last May's annual meeting, shareholders also cast advisory
votes on a proposal to allow shareholders the right to act by
written consent of a majority of shares outstanding in lieu of a
meeting. The purpose of this proposal is similar to that of the
special meeting proposal – both sought to give shareholders an
opportunity to vote on important matters outside the normal annual
meeting cycle. As a result of the decision to grant the right to
stockholders to call special meetings, the board does not plan to
take further action on written consent.
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer. Widely known through the
"You're In Good Hands With Allstate®" slogan, Allstate is
reinventing protection and retirement to help more than 17 million
households insure what they have today and better prepare for
tomorrow. Consumers access Allstate insurance products (auto, home,
life and retirement) and services through Allstate agencies,
independent agencies, and Allstate exclusive financial
representatives in the U.S. and Canada, as well as via www.allstate.com and
1-800 Allstate®.
SOURCE The Allstate Corporation