What’s New: In Brief (February 15, 2008)

Marsh & McLennan Companies Inc. (MMC) has decided to eliminate its current three-class structure of its board of directors, subject to shareholder approval.
As a result of the Board’s declassification, all directors would become subject to annual election as their existing three-year terms expire.
MMC says it will include in its 2008 proxy statement a company-proposed charter amendment that would effect the Board’s declassification, and will ask shareholders to approve the charter amendment at MMC’s annual meeting in May 2008.
Stephen R. Hardis, chairman of MMC’s board of directors, said: “The decision to declassify is the latest step in the Board’s ongoing effort to implement best corporate governance practices at MMC.”

Standard & Poor’s Ratings Services has raised its financial strength rating on AXA Assurances Inc. to ‘Api’ from ‘BBBpi.’
(The ‘pi’ symbol reflects the fact that S&P’s unsolicited rating was based on public information, rather than extensive interviews with company management.)
“The upgrade on AXA reflects the company’s improved operating performance,” S&P’s announced in a press release. “In the past five years ended Dec. 31, 2006, the company achieved an average combined ratio [of] 90.9% and average ROE (after tax) of 22.6%.
“For the nine months ended Sept. 30, 2007, these were 82.5% and 29.2%, respectively.”