WalterInvestment Management Corp. shareholders will consider a proposalthat would declassify the board and provide for the annual election of alldirectors.
The board is currently divided into three classes, and oneclass of directors is elected at each annual stockholders meeting for a term ofthree years. Upon the approval of the declassification proposal, all directorswill stand for election annually for one-year terms expiring at the nextsucceeding annual stockholders meeting, beginning at the 2017 annualstockholders meeting. The class I directors, whose terms will expire in 2019,and the class III directors, whose terms will expire in 2018, are expected toresign effective immediately prior to the election of directors at the 2017annual stockholders meeting.
The board recommends shareholders as of March 17 vote forthe proposal at the annual stockholders meeting on June 9.