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|Cincinnati Financial Corporation Holds Shareholders' and Directors' Meetings|
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CINCINNATI, May 2, 2011 /PRNewswire via COMTEX/ -- Cincinnati Financial Corporation (Nasdaq: CINF) today announced that based on preliminary voting results at the company's annual meeting on April 30, 2011, shareholders elected four directors for one-year terms to the 13-member board. Shareholders also ratified the selection of Deloitte & Touche LLP as independent registered public accounting firm, approved a nonbinding proposal to approve the compensation for the company's named executive officers, approved an annual frequency of future nonbinding votes on executive compensation, and re-approved the performance objectives contained in the Cincinnati Financial Corporation 2006 Stock Compensation Plan.
Kenneth W. Stecher, chairman as of today, commented: "We thank shareholders for approving our selection of Deloitte & Touche and our nominees to the board. The directors who were elected Saturday, as well as our continuing directors, combine their experiences from differing business backgrounds to guide long-term strategic plans for Cincinnati Financial Corporation and to increase our long-term return to shareholders."
Elected to the board for terms of one year were Kenneth C. Lichtendahl, senior adviser (former president and chief executive officer) to Tradewinds Beverage Company; W. Rodney McMullen, president and chief operating officer of The Kroger Company; Thomas R. Schiff, chairman and chief executive officer for John J. & Thomas R. Schiff & Co. Inc.; and John F. Steele, Jr., chairman and chief executive officer of Hilltop Basic Resources Inc.
At the board of directors' regularly scheduled meeting following the annual meeting, they appointed incoming president and chief executive officer, Steven J. Johnston, FCAS, MAAA, CFA, to a one-year term on the board, expanding it to 14 seats. The board also announced committee service for the coming year, in line with the independence requirements of applicable law and the listing standards of Nasdaq:
The board also announced that future advisory shareholder votes on executive compensation will be held annually, selecting the frequency that a majority of shareholders supported by a wide margin.
Steven J. Johnston, president and CEO of the company as of today, remarked: "We are grateful for the support of our directors and shareholders. Our company is more focused and more ready than ever before to be a strong competitor. As announced on April 25, we have a new leadership team that is energized and ready to execute on our strategic plans. A new company logo we introduced at our meeting celebrates the momentum we are building by expanding our operations, increasing efficiencies, stepping up our expertise and recommitting to ethical values. As we start the next chapter of our 60-year history, we are committed to improve on our traditional strengths and create new ones that enhance our relationships with our agency customers and add value for shareholders."
Cincinnati Financial Corporation offers business, home and auto insurance, our main business, through The Cincinnati Insurance Company and its two standard market property casualty companies. The same local independent insurance agencies that market those policies may offer products of our other subsidiaries, including life and disability income insurance, annuities and surplus lines property and casualty insurance. For additional information about the company, please visit www.cinfin.com.
This is our "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995. Our business is subject to certain risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Some of those risks and uncertainties are discussed in our 2010 Annual Report on Form 10-K, Item 1A, Risk Factors, Page 24.
Factors that could cause or contribute to such differences include, but are not limited to:
Further, the company's insurance businesses are subject to the effects of changing social, economic and regulatory environments. Public and regulatory initiatives have included efforts to adversely influence and restrict premium rates, restrict the ability to cancel policies, impose underwriting standards and expand overall regulation. The company also is subject to public and regulatory initiatives that can affect the market value for its common stock, such as measures affecting corporate financial reporting and governance. The ultimate changes and eventual effects, if any, of these initiatives are uncertain.
SOURCE Cincinnati Financial Corporation
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