Interpublic in New Corporate Governance Initiatives
March 29, 2006
Cleary Gottlieb advised the board of directors of long-time client, The Interpublic Group of Companies, on the adoption of a series of corporate governance initiatives.
The board of Interpublic incorporated a pure majority voting standard for uncontested board elections in its by-laws and provided that any incumbent director who fails to receive a majority of the votes cast must step down automatically within 120 days after the election. Interpublic’s other corporate governance initiatives include the adoption of a policy guideline on the recoupment of performance bonuses following restatements of financial results, the designation of an independent director as presiding director and the reconstitution of the audit committee.
Interpublic is one of the world’s leading organizations of advertising agencies and marketing services companies.