UTStarcom Adopts Bylaw Amendment and Board Policy for Majority Vote Standard
ALAMEDA, Calif., April 11 /PRNewswire-FirstCall/ -- UTStarcom, Inc.
(Nasdaq: UTSI) announced today that its Board of Directors has unanimously
voted to approve a corporate governance initiative to amend UTStarcom's bylaws
to adopt a majority vote standard for the election of directors.
The amended bylaws will become effective on the day following UTStarcom's
annual stockholders' meeting to be held on
bylaws require that a nominee director must receive a greater number of votes
'for' than votes 'against' to be elected to the Board in an uncontested
election. In addition, in furtherance of the principles of the amended
bylaws, the Board also unanimously voted to adopt a Board policy which would
require any incumbent nominee for UTStarcom's Board who fails to receive a
majority of the votes cast in an uncontested election to tender his or her
resignation to the Board. The Nominating and Corporate Governance Committee
(or other committee appointed by the Board) would then determine whether to
accept the resignation, and the committee would in most circumstances make a
determination within 90 days after certification of the stockholder vote. The
committee's decision and rationale for its decision will be publicly
'The Board is pleased to take this action today as it is consistent with
governance trends at other public companies as well as our commitment to high
standards of corporate governance. In addition, we believe this will enhance
our accountability to our stockholders,' said
Chairman of the Board.
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions
and international service and support. The company develops, manufactures and
markets its broadband, wireless, and terminal solutions to network operators
in both emerging and established telecommunications markets worldwide.
UTStarcom enables its customers to rapidly deploy revenue-generating access
services using their existing infrastructure, while providing a migration path
to cost-efficient, end-to-end IP networks. UTStarcom was founded in 1991 and
is headquartered in
development centers in the
For more information about UTStarcom, please visit the UTStarcom Web site
SOURCE UTStarcom, Inc.