Linamar Announces Adoption of Majority Voting Policy
December 20 2010 - 10:42AM
Marketwired Canada
Linamar Corporation (TSX:LNR) ("Linamar" or the "Corporation") announces that
its Board of Directors (the "Board") has adopted a majority voting policy with
respect to the election of directors in uncontested elections. In the instance
of a nominee receiving more "withheld" than "for" votes, the Human Resources
Corporate Governance Committee will consider whether to ask the nominee who has
more "withheld" than "for" votes to resign, make a recommendation to the Board,
and the board will determine the action to take. This policy will come into
effect at the next Annual General Shareholders meeting in May of 2011.
Linda Hasenfratz, Linamar's Chief Executive Officer, stated that "assessing key
shareholder concerns is part of our Board's continuous review and improvement
process. Clearly majority voting is an aspect of governance that is important to
our shareholders. We always strive to achieve a good balance of customer,
employee and shareholder satisfaction at Linamar and feel this move will achieve
just that."
Linamar Corporation (TSX:LNR) is a diversified global manufacturing company of
highly engineered products powering vehicles, motion, work and lives. The
company's Powertrain and Driveline focused divisions are world leaders in the
collaborative design, development and manufacture of precision metallic
components, modules and systems for global vehicle and power generation markets.
The company's Industrial division is a world leader in the design and production
of innovative mobile industrial equipment, notably its class-leading aerial work
platforms and telehandlers. With more than 11,100 employees in 38 manufacturing
locations, 5 R&D centers and 11 sales offices in Canada, the US, Mexico,
Germany, Hungary, the UK, China, Korea and Japan, Linamar generated sales of
close to $1.7 Billion in 2009. For more information about Linamar Corporation
and its industry leading products and services, visit www.linamar.com.
Certain information regarding Linamar set forth in this document, including
management's assessment of the Company's future plans and operations may
constitute forward-looking statements. This information is based on current
expectations that are subject to significant risks and uncertainties that are
difficult to predict. Actual results may differ materially from these
anticipated in the forward-looking statements due to factors such as customer
demand and timing of buying decisions; product mix; competitive products; the
cost, timing and effectiveness of cost reduction initiatives; and pricing
pressure. In addition, uncertainties and difficulties in domestic and foreign
financial markets and economies could adversely affect demand from customers.
These factors, as well as general market, economic and political conditions, may
in turn have a material adverse effect on the Company's financial results. The
Company assumes no obligation to update the forward-looking statements, or to
update the reasons why actual results could differ from those reflected in the
forward-looking statements.
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