NU Online News Service, May 21, 3:55 p.m. EDT
During its stockholders meeting today, Marsh & McLennan Companies announced it would pay a quarterly cash dividend, and shareholders rejected three proposals from individual shareholders.
The proposals dealt with changing the corporate domicile state, political contribution reporting and giving authority to call special meetings to larger shareholders.
New York-based MMC, the parent company of insurance broker Marsh and reinsurance broker Guy Carpenter said it has declared a quarterly cash dividend of 20 cents a share payable on Aug. 17 to shareholders of record as of July 10.
Shareholders voted down a proposal to change the company's state of incorporation from Delaware to North Dakota.
A second rejected proposal would have given shareholders who own 10 percent or more of stock in MMC the power to call special shareholder meetings. A third called for MMC to prepare a report on policies and procedures for political contributions and expenditures made with corporate funds.
MMC's board opposed all three moves. It argued against changing the state of incorporation saying Delaware's laws are more flexible and case law in the state is settled ensuring legal certainty for the company.
A special shareholders meeting was opposed because MMC said it feared special interest shareholders would use the company's resources to promote an agenda not in the best interest of MMC.
On the issue of reporting political contributions and expenditures, MMC said it is limited by law and that it already has in place a system for reporting and oversight of political affairs.
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