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IHS Markit shareholders to vote on declassifying company board

IHS Markit Ltd. shareholders will consider proposals to declassify the board and to implement majority voting at the company's annual general meeting.

The declassification proposal would move the company's directors to one-year terms, rather than a staggered system of three-year terms. The IHS Markit board wrote in a proxy filing that it considered the view that classified board structures have the potential for reducing the accountability of directors.

The second proposal would implement majority voting in uncontested director elections, as well as other administrative or immaterial revisions. A director would need to receive more votes for the candidate than votes against the candidate in order to be elected. In the current plurality-based system, nominees receiving the greatest number of votes cast are elected.

The IHS Markit board has recommended that shareholders approve both proposals.