|View printer-friendly version|
|WaMu Implements Majority Voting Procedures in Bylaws|
SEATTLE--(BUSINESS WIRE)--Feb. 7, 2007--Washington Mutual, Inc. (NYSE: WM) announced today that the corporation's bylaws have been amended to include a majority vote standard for the election of directors in uncontested elections.
Under the new procedures, any nominee for election to the company's Board of Directors who does not receive a majority of the votes cast will be required to offer his or her resignation to WaMu's Board of Directors following the company's annual shareholder meeting. The Board's Governance Committee would promptly consider the resignation offer and make a recommendation to the full Board, which is required to act on the Governance Committee's recommendation within 90 days of the shareholder meeting at which the voting occurred.
WaMu's majority voting procedures will not apply in contested elections, which are elections where the number of nominees exceeds the number of open director positions.
WaMu, through its subsidiaries, is one of the nation's leading consumer and small business banks. At Dec. 31, 2006, WaMu and its subsidiaries had assets of $346.29 billion. The company has a history dating back to 1889 and its subsidiary banks currently operate more than 2,600 consumer and small business banking stores throughout the nation. WaMu's press releases are available at http://newsroom.wamu.com.
CONTACT: WaMu Media Contact: Alan Gulick, 206-500-2760 email@example.com or WaMu Investor Relations Contact: Alan Magleby 206-500-4148 (Seattle) 212-326-6019 (New York) firstname.lastname@example.org SOURCE: Washington Mutual, Inc.