Kodak 2007 Annual Report Download - page 133
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10
The proposal is premature. New Jersey law requires the plurality voting standard in director elections, unless a company's certificate of
incorporation provides otherwise. Our Board cannot adopt majority voting in our By-laws, an approach that other companies have recently
taken. Kodak can adopt majority voting only through shareholder approval of an amendment to the Certificate of Incorporation. We believe
that it is premature to ask our shareholders to amend the Certificate of Incorporation to adopt majority voting in light of the on-going
analyses and discussions in this developing area. The legal community, shareholder advocates, governance experts and other groups
continue to evaluate the respective benefits, disadvantages and consequences of plurality voting and majority voting, the impact of the
"holdover rule'' and whether some modified model of plurality voting might be preferable. Any change in voting standards should be
undertaken with full understanding of the consequences. For this reason, we believe it is premature to ask shareholders to amend the
Certificate of Incorporation to adopt majority voting until there is greater clarity and consensus on this issue.
Summary. In summary, Kodak is not opposed to majority voting in uncontested elections, but we believe that it is both unnecessary and
premature to ask the shareholders to amend the Certificate of Incorporation to adopt majority voting. The proposal is presently
unnecessary because our Director Election Policy, along with our strong governance record and robust director election process, already
serves and protects the interests of our shareholders. The proposal is premature given the continuing debate on majority voting standard.
We do not believe that the proposal, at this point in time, is in the best interest of the Company or its shareholders. Nonetheless, the
Board will continue to assess the developments in this area.
For the reasons described above, the Board of Directors recommends a vote AGAINST this proposal.