Flowers Foods to Submit Majority Voting Proposal to Shareholders
Flowers Foods (NYSE: FLO) today announced its Board of Directors voted this week to submit a proposal to shareholders to adopt a majority voting standard for the election of directors in uncontested elections. The proposal will be considered at the company's 2014 Annual Meeting of Shareholders.
Shareholders will be asked to vote on an amendment to Flowers Foods' Restated Articles of Incorporation and Amended and Restated Bylaws that would implement a majority voting standard for uncontested elections of directors in place of plurality voting. A plurality voting standard would continue to apply in contested elections of directors.
If Flowers Foods' shareholders approve the proposal, the Board would also amend its Corporate Governance Guidelines to conform its director resignation policy to the majority voting standard so that a holdover incumbent director who did not receive the requisite majority vote would be required to tender his or her resignation to the Board of Directors.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE: FLO) is one of the largest producers of fresh packaged bakery foods in the United States. Flowers Foods operates bakeries across the country that produce a wide range of bakery products. Among the company's top brands are Nature's Own and Tastykake. Learn more at www.flowersfoods.com.
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