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Forest products giant Weyerhaeuser has announced changes to the voting structure for its board of directors.
The new amendment obliges board nominees who do not receive a majority of votes in uncontested elections to submit his or her resignation to the board. According to the company, the new rules are meant to “enhance the company's corporate governance practices regarding the election of directors.”
The new rules are effective immediately, the company said.
Federal Way, Wash.-based Weyerhaeuser will report its third-quarter earnings statement on Oct. 31.