Raytheon Adopts Policy on Majority Voting for Directors
WALTHAM, Mass., Nov. 7, 2005 /PRNewswire-FirstCall/ -- Raytheon Company (NYSE: RTN) announced today that the Company's Board of Directors has adopted a new policy with respect to majority voting for directors. Under the terms of the policy, a nominee for director who receives a greater number of votes "withheld" from his or her election than votes "for" his or her election shall tender his or her resignation to the Governance and Nominating Committee. The Governance and Nominating Committee shall then make a recommendation to the Board of Directors regarding the action to be taken with respect to the resignation.
"Adoption of this policy demonstrates our continued commitment to good corporate governance," said William H. Swanson, Chairman of the Board and CEO. "The Board continuously reviews our governance practices and adopts those changes that it believes are in the best interests of the Company and its shareholders."
The majority voting for directors policy has been incorporated into the Company's Governance Principles which are posted on the corporate governance section of the Company's web site at http://www.raytheon.com/.
Raytheon Company (NYSE: RTN), with 2004 sales of $20.2 billion, is an industry leader in defense and government electronics, space, information technology, technical services, and business and special mission aircraft. With headquarters in Waltham, Mass., Raytheon employs 80,000 people worldwide.
Contact: James Fetig 781-522-5111
SOURCE: Raytheon Company
CONTACT: James Fetig of Raytheon Company, +1-781-522-5111
Web site: http://www.raytheon.com/