UPDATE 1-Wachovia seeks annual elections for directors

Newswire

(New throughout) NEW YORK, Feb 22 (Reuters) - Wachovia Corp. , the No. 4 U.S. bank, on Wednesday said it will propose annual elections for directors and has amended its corporate governance guidelines to require directors running in uncontested elections to obtain a majority of shareholder votes. The Charlotte, North Carolina-based bank said the changes, backed by Chief Executive Ken Thompson, are intended to improve corporate governance. Wachovia plans to recommend that shareholders ...

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