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Argo board to propose size reduction, start of phased declassification process

Argo Group International Holdings Ltd.'s board will propose amendments to the company's bylaws at the 2020 annual general meeting.

The board plans to suggest decreasing its maximum size to 11 from 13, as well as starting its phased declassification process. Subsequent to the end of the phased declassification process, which will be at the 2022 annual general meeting, all of the directors will stand for election annually.

The plan to reduce the board size was initially revealed by the company in a regulatory filing dated May 13, though the filing stated that the size is anticipated to decrease to 10 from 13.

Additionally, the board authorized a series of changes to Argo's executive compensation program, including modifications to performance awards and stock ownership guidelines, effective starting in the company's 2020 fiscal year.