Belo Adopts Majority Voting Policy for Election of Directors
September 29 2006 - 5:00PM
PR Newswire (US)
DALLAS, Sept. 29 /PRNewswire-FirstCall/ -- Belo Corp. (NYSE:BLC)
announced today that its Board of Directors has amended Belo's
Corporate Governance Guidelines to include a majority voting policy
in the election of directors. "The Board's decision to adopt this
policy for the election of directors reinforces Belo's commitment
to sound corporate governance practices," said Robert W. Decherd,
Belo's chairman, president and chief executive officer. Under
Belo's policy, if an incumbent director is nominated for another
term on the Board but does not receive at least a majority of the
votes cast, the director must promptly submit his or her
resignation to the Board. The Board's Nominating and Corporate
Governance Committee will make a recommendation to the Board to
accept, reject, or take other action in regard to the tendered
resignation. The Board must take action on the resignation, and
publicly disclose its decision, including the rationale behind the
decision, within 90 days from the date of certification of the
election results. The director who submits his or her resignation
will not participate in the Committee's or the Board's
consideration of the matter. The full text of the amendment, which
is effectively immediately, can be found in the Company's Corporate
Governance Guidelines, which are available in the "About Belo"
section of the Company's Web site, http://www.belo.com/ , under the
heading "Corporate Governance". About Belo Belo Corp. is one of the
nation's largest media companies with a diversified group of
market-leading television, newspaper, cable and interactive media
assets. A Fortune 1000 company with 7,700 employees and more than
$1.5 billion in annual revenues, Belo operates in some of America's
most dynamic markets in Texas, the Northwest, the Southwest, the
Mid-Atlantic and Rhode Island. Belo owns 19 television stations,
six of which are in the 15 largest U.S. broadcast markets. The
Company also owns or operates seven cable news channels and manages
one television station through a local marketing agreement. Belo's
daily newspapers are The Dallas Morning News, The Providence
Journal, The Press-Enterprise (Riverside, CA) and the Denton
Record-Chronicle (Denton, TX). The Company also publishes specialty
publications targeting young adults, and the fast-growing Hispanic
market, including Quick and Al Dia in Dallas/Fort Worth, and El D
and La Prensa in Riverside. Belo operates more than 30 Web sites
associated with its operating companies. Additional information is
available at http://www.belo.com/ or by contacting Carey
Hendrickson, vice president/Investor Relations & Corporate
Communications, at 214-977-6626. DATASOURCE: Belo Corp. CONTACT:
Carey Hendrickson, vice president-Investor Relations &
Corporate Communications of Belo Corp., +1-214-977-6626 Web site:
http://www.belo.com/
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