Lockheed Martin Recommends Changes To Supermajority Voting Provisions Of Charter
Bethesda,MD, 22-MAR-06 -- Lockheed Martin Corporation (NYSE: LMT) will submit a proposal to amend and restate its charter at its annual meeting of stockholders on April 27, 2006. The amendment would eliminate two provisions of the charter requiring an 80 percent supermajority vote for the removal of a director for cause and for the approval of some business combinations. The affirmative vote of 80 percent of Lockheed Martin’s outstanding shares is required to approve the amendment.
“The charter proposal stems from our continuing commitment to best practices in corporate governance and responds to input from our stockholders about supermajority provisions,” said Chairman, President and Chief Executive Officer Robert Stevens. “We are pleased to see our commitment to best practices being reflected in improved corporate governance ratings.”
Other matters to be considered at the annual meeting include the election of directors, ratification of the appointment of independent auditors and a management proposal for the establishment of performance goals for annual cash bonuses paid to elected officers under the 2006 Management Incentive Compensation Plan. Four stockholder proposals also will be presented at the annual meeting.