Beacon Power votes to declassify board structure

Wilmington, MA, April 26, 2007 — Beacon Power Corp., a company that designs and develops advanced products and services to support more stable, reliable and efficient electricity grid operation, is taking steps to completely declassify its board of directors at the upcoming 2007 annual meeting of stockholders.

Board declassification, which provides that each director’s term expires at each annual meeting of stockholders, is considered by shareholder advocates and corporate oversight organizations as a measure that makes companies more accountable to their stockholders.

Among these declassification efforts, the Beacon Power board of directors has voted to amend the company’s by-laws to provide that each board member’s term expires at each annual meeting, and to recommend to stockholders that they approve certain corresponding amendments to the company’s certificate of incorporation at the upcoming 2007 annual meeting. If the company’s stockholders so approve, all of the directors elected at the 2007 annual meeting, which takes place on June 25th, will serve until Beacon’s 2008 annual meeting.

The board has also accepted notice from CEO Bill Capp, who is also a director, that he intends to shorten his existing board term so as to stand for reelection at this 2007 annual meeting for a term expiring at the 2008 annual meeting, consistent with the board declassification process.

For more news and exclusive features from Utility Automation & Engineering T&D and Electric Light & Power online, please click here.

Previous articlePUC approves Duquesne Light Holdings merger agreement with Macquarie-Led Consortium
Next articleWind Energy America agrees to purchase wind farms

No posts to display