RIM (RIMM) Shareholders Score a Win... Kinda
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Research In Motion Limited (NASDAQ: RIMM) said late Thursday it would review a policy that divides the role of Chair and CEO, and that RIM have an independent Chair.
Related to the news, Northwest & Ethical Investments L.P. announced that would withdraw its proposal looking for this changes that was to be considered at the RIM Annual General Meeting.
RIM's Board will establish a Committee of independent to evaluate the matter.
The board will:
(i) study the appropriate balance between an independent lead director or chair with full and exclusive authority customarily held by such an office holder, (ii) determine the business necessity for RIM's Co-CEOS to have significant Board level titles to assist their selling and other responsibilities with certain large customers in overseas markets, and (iii) propose and provide a rationale for a recommended governance structure for RIM, which will include clarifications of the Co-CEOs and Chair roles, as well as the Board's mandate
The Committee will consult with NEI Investments in developing the specific terms of reference for this mandate and before it issues its report by January 31, 2012. The Board will publicly respond to the recommendations of the Committee within 30 days.
Shares of RIM are flat on the news.
Related to the news, Northwest & Ethical Investments L.P. announced that would withdraw its proposal looking for this changes that was to be considered at the RIM Annual General Meeting.
RIM's Board will establish a Committee of independent to evaluate the matter.
The board will:
(i) study the appropriate balance between an independent lead director or chair with full and exclusive authority customarily held by such an office holder, (ii) determine the business necessity for RIM's Co-CEOS to have significant Board level titles to assist their selling and other responsibilities with certain large customers in overseas markets, and (iii) propose and provide a rationale for a recommended governance structure for RIM, which will include clarifications of the Co-CEOs and Chair roles, as well as the Board's mandate
The Committee will consult with NEI Investments in developing the specific terms of reference for this mandate and before it issues its report by January 31, 2012. The Board will publicly respond to the recommendations of the Committee within 30 days.
Shares of RIM are flat on the news.
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