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Spectra Energy Shareholders Vote to Declassify Board of Directors At the company’s annual meeting, Spectra Energy Corp.’s shareholders approved an amendment to the company’s Certificate of Incorporation to eliminate the classified board of directors structure.
The proposed amendment, which was recently recommended by management and approved by the company’s board of directors, enhances strong corporate governance policies and practices. The declassified board will become effective upon the filing of an amendment to the company’s Certificate of Incorporation with the Delaware Secretary of State.
In future elections, directors will be elected to terms that expire each year at the annual meeting of shareholders.
“The outcome of today’s voting results is representative of our commitment to implement and maintain an effective corporate governance structure,” said Bill Esrey, chairman of the board, Spectra Energy Corp. “Our governance and control systems are designed to ensure we conduct our business ethically and profitably for the benefit of our shareholders and other stakeholders.” Shareholders also elected Gregory L. Ebel, Peter B. Hamilton and Michael E.J. Phelps as directors whose terms will expire in 2010, and ratified the selection of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ended December 31, 2009. |
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