MEMPHIS, Tenn., May 8,
2012/PRNewswire/ -- International Paper Company
(NYSE: IP) announced that at yesterday's annual
meeting, the company's shareowners:
-
Elected all director nominees, each for a one-year
term: David J. Bronczek, Ahmet C.
Dorduncu, John V. Faraci, Stacey J.
Mobley, Joan E. Spero, John L.
Townsend, III, John F. Turner,
William G. Walterand J. Steven
Whisler.
-
Ratified the appointment of Deloitte & Touche LLP as the
company's independent auditors for 2012.
-
Approved, on an advisory basis, the compensation of the
company's named executive officers.
-
Approved a non-binding shareowner proposal requesting
that shareowners be permitted to act by written consent
in lieu of a meeting.
(Logo: http://photos.prnewswire.com/prnh/20020701/IPLOGO
)
"We were pleased that our shareowners overwhelmingly
supported each of management's proposals, with our
say-on-pay proposal receiving 98 percent of votes
cast," said John V. Faraci, Chairman and
Chief Executive Officer. "Although the
shareowner proposal was only approved by a slight majority,
at less than 52 percent of votes cast, the Board of
Directors intends to modify the company's governance
documents to reflect the shareowner recommendation.
Over the coming few months, the Board will review
appropriate procedural limitations that safeguard the
interests of all our shareowners and plans to submit our
own proposal on shareowner written consent at next
year's annual meeting."
About International Paper
International Paper (NYSE: IP) is a global paper and
packaging company with manufacturing operations in
North America, Europe,
Latin America, Russia,
Asiaand North Africa. Its
businesses include uncoated papers and industrial and
consumer packaging, complemented by xpedx, the
company's North American distribution company.
Headquartered in Memphis, Tenn., the company
employs approximately 70,000 people and is strategically
located in more than 24 countries serving customers
worldwide. International Paper net sales for 2011
were $26 billion. Temple-Inland Inc., which
was acquired in February 2012, had 2011 net
sales of $4 billion. For more information
about International Paper, its products and stewardship
efforts, visit internationalpaper.com.
SOURCE International Paper Company
Media: Thomas J. Ryan, +1-901-419-4333; or Investors: Glenn
Landau, +1-901-419-1731; Emily Nix, +1-901-419-4987; and
Michele Vargas, +1-901-419-7287
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