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4-Traders Homepage  >  Equities  >  Nyse  >  Progressive Corp    PGR

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The Progressive Corporation : Progressive Announces Annual Meeting Results

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04/20/2012 | 08:30pm CEST

At the Annual Meeting of Shareholders of The Progressive Corporation today, Progressive's shareholders:

  • elected the following directors:
    • Roger N. Farah, for a three-year term
    • Stephen R. Hardis, for a three-year term
    • Heidi G. Miller, Ph.D., for a two-year term, and
    • Bradley T. Sheares, Ph.D., for a three-year term.
  • approved an amendment to our Code of Regulations eliminating the supermajority voting requirement for shareholders to amend specified sections of the Code of Regulations;
  • approved an amendment to our Code of Regulations to declassify the Board of Directors and provide for the annual election of directors;
  • approved an amendment to our Code of Regulations to fix the number of directors at 11;
  • approved an amendment to our Code of Regulations to revise the procedures for fixing the number of director positions within the limits set forth in the Code of Regulations;
  • approved an amendment to our Code of Regulations allowing our Board of Directors to amend the Code of Regulations as and to the extent permitted by Ohio law;
  • approved an amendment to our Code of Regulations to provide that the Annual Meeting of Shareholders will be held at such time and on a date, no later than June 30, as may be fixed by the Board of Directors;
  • approved our executive compensation program in an advisory vote;
  • re-approved performance criteria set forth in our 2007 Executive Bonus Plan;
  • approved an amendment to our 2010 Equity Incentive Plan to add investment performance as a new performance goal under the plan;
  • approved an amendment to our 2003 Directors Equity Incentive Plan to extend the term of the plan, to eliminate the buyout provisions relating to stock option awards, and to modify the definition of "change in control"; and
  • ratified the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2012.

About Progressive

The Progressive Group of Insurance Companies makes it easy to understand, buy, and use auto insurance. Progressive offers choices so consumers can reach us whenever, wherever, and however it's most convenient for them--online at http://www.progressive.com, by phone at 1-800-PROGRESSIVE, or in-person with a local agent.

Progressive offers insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles, and homes. We're the fourth largest auto insurer in the country, the largest seller of motorcycle insurance, and a leader in commercial auto insurance. Progressive also offers car insurance online in Australia at http://www.progressiveonline.com.au.

Founded in 1937, Progressive continues its long history of offering shopping tools and services that save customers time and money, like Name Your Price®, the Snapshot Discount®, and a concierge level of claims service.

The Common Shares of The Progressive Corporation, the Mayfield Village, Ohio-based holding company, trade publicly at (NYSE:PGR).

The Progressive Corporation
Matt Downing, 440-395-4222
http://www.progressive.com


© Business Wire 2012
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