Summary
Deere & Company (DE) filed an 8-K on December 8, 2011, to report an amendment to its corporate bylaws. Effective immediately upon adoption on December 7, 2011, the Board of Directors updated the mandatory retirement age for its directors. Previously set at 71, the age for mandatory retirement is now 72, effective with the first annual meeting of stockholders following a director's 72nd birthday, with provisions for exceptions in rare circumstances approved by the Board. This change in governance policy may indicate a strategy to retain experienced board members for longer periods, potentially providing continuity and leveraging their expertise. Investors should note this as a change in corporate governance that could influence board composition and decision-making over time. The full amended bylaws are attached as an exhibit to the filing.
Key Highlights
- 1Deere & Company amended its corporate bylaws concerning director retirement age.
- 2The mandatory retirement age for directors has been increased from 71 to 72.
- 3The amendment is effective from December 7, 2011.
- 4Retirement is effective with the first annual meeting of stockholders following the director's 72nd birthday.
- 5The Board of Directors can approve exceptions in rare circumstances.
- 6This change reflects an update to Deere's corporate governance policies.
- 7The amended bylaws are filed as an exhibit to the 8-K.