MOSCOW (MRC) -- Celanese (Dallas) says its board of directors has taken steps to open up the nomination of directors and propose a transition to annual board elections, initiatives that will give shareholders greater influence over the company's governance, said Chemweek.
Separately, the company also announced that it intends to include a proposal to proactively transition to an annually elected board in its next proxy statement. The proposal, which was approved by the company’s board, is subject to stockholder approval at the 2016 annual meeting. Currently, the board is divided into three classes, each of which is elected for a three-year term. If the proposal is approved by the company’s stockholders, the board will transition to annual elections via a phase-in approach beginning with the company’s 2017 annual meeting. The full text of the proposal will be included in the company’s proxy statement to be filed with the Securities and Exchange Commission in March 2016.
As MRC informed earlier, Celanese Corporation announced plans to expand manufacturing production capacity for its GUR ultra-high molecular weight polyethylene (UHMWPE) product at the company's Bishop, Texas facility. Expansion of the GUR UHMWPE manufacturing facility will increase capacity to 38 kT/a, with final completion expected in May 2016.
Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Texas, Celanese employs approximately 7,500 employees worldwide and had 2014 net sales of USD6.8 billion.
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