Charles Schwab to Seek Approval to Declassify its Board of Directors
October 28 2005 - 5:16PM
PR Newswire (US)
SAN FRANCISCO, Oct. 28 /PRNewswire-FirstCall/ -- The Charles Schwab
Corporation announced today its Board of Directors will seek
stockholder approval to declassify its Board of Directors at its
2006 Annual Meeting of Stockholders. Currently, Directors are
elected to three classes of staggered, three year terms. The 2006
Proxy Statement will include a resolution submitted by the Board of
Directors to amend the Certificate of Incorporation to provide for
Directors to be elected annually after their current terms expire.
"The decision to submit a binding resolution to the stockholders
follows careful deliberations by both the Nominating and Corporate
Governance Committee and the Board of Directors regarding Board
structure and the views of stockholders," said Charles R. Schwab,
Chairman and Chief Executive Officer. The Charles Schwab
Corporation (NYSE / Nasdaq: SCH), through its operating
subsidiaries, provides securities brokerage and financial services
to individual investors and the independent investment advisors who
work with them. With over 7 million individual investor accounts
and more than $1 trillion in client assets, The Charles Schwab
Corporation is one of the nation's largest financial services
firms. Its subsidiary Charles Schwab & Co., Inc. (member SIPC)
provides a complete range of investment services and products,
including an extensive selection of mutual funds; financial
planning and investment advice; retirement plans; referrals to
independent fee-based investment advisors; and custodial,
operational and trading support for independent fee-based
investment advisors. Its subsidiary Charles Schwab Bank, N.A.
(member FDIC) provides banking and mortgage services and products.
The corporation's other operating subsidiaries include U.S. Trust
Corporation (member FDIC) and CyberTrader(R), Inc. (member SIPC).
These companies' Web sites can be reached at
http://www.schwab.com/, http://www.schwabbank.com/,
http://www.ustrust.com/, and http://www.cybertrader.com/.
DATASOURCE: Charles Schwab CONTACT: Media: Greg Gable,
+1-415-636-5847, or Investors/Analysts: Rich Fowler,
+1-415-636-9869, both of Charles Schwab Web site:
http://www.schwab.com/
Copyright