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PLEASANTON, Calif. -- The board of directors of Safeway Inc. amended the company's bylaws yesterday to establish a majority vote standard for uncontested director elections. In a contested election, the plurality vote standard will remain in place.
In addition, the chain amended its to incorporate the director resignation policy contained in Safeway's Corporate Governance Guidelines. An incumbent director who does not receive a majority of votes cast must tender his or her resignation. The board will act on the resignation within 90 days and publicly disclose its decision.
Safeway Inc. operates 1,775 stores in the United States and Canada and had annual sales of $38.4 billion in 2005.