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P","categories":[],"bodyArray":["<p>Marsh &amp; McLennan Companies Inc. said it would now elect its directors by majority vote, and any director not receiving a majority vote would have to resign.</p>","<p>The New York-based company's new by-laws become effective immediately and will apply to MMC's annual meeting of stockholders in May 2007.</p>","<p>MMC said that in an uncontested election of directors, a director nominee will be elected or re-elected only if the number of votes cast “for” exceeds the number of votes cast “against” the nominee. Previously, the election was by plurality.</p>","<div class=\"paywall-content\"><p>In contested elections, where there are more nominees than board seats to be filled, directors will continue to be elected by a plurality of the votes cast.</p>","<p>To support the change, MMC said the board of directors amended MMC's guidelines for corporate governance. Under the amended guidelines, an incumbent director who fails to receive a majority vote when standing for re-election must offer to resign. 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