A. Schulman Inc., which makes plastic compounds and resins, said Monday that it plans to propose an amendment to declassify its board structure at the 2008 annual meeting.
The company's board is currently divided into three classes, with each director class serving a staggered term of three years. If the amendment is approved, each director would serve out the remainder of their term and then become subject to election each year by the stockholders at the annual meeting. As of the 2010 annual meeting, all board members would be subject to annual election.
Adoption of the amendment, which requires a majority vote, will be voted on at the annual meeting in December.
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