Raytheon Board Votes to Submit Proposal Giving Shareholders Right to Call Special Meeting
WALTHAM, Mass., Oct. 29, 2009 /PRNewswire/ -- Raytheon Company (NYSE: RTN) announced that its Board of Directors voted this week to submit a proposal to Company shareholders at its 2010 annual meeting to amend the Company's certificate of incorporation to give holders of 25 percent or more of the Company's voting stock the right to call a special meeting of shareholders. At present, only a majority of the Board or the Board's Chairman may call a special meeting.
"The Board of Directors gave careful consideration to this governance issue and has determined that it would be appropriate to recommend this change in our governance process to our shareholders," said William H. Swanson, Raytheon Chairman and CEO.
The special meeting proposal will be considered at the 2010 annual meeting of shareholders. A full description of the proposal will be contained in the Company's 2010 proxy statement.
Raytheon Company (NYSE: RTN), with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
