LOS ANGELES--(BUSINESS WIRE)--
Reliance Steel & Aluminum Co. (NYSE:RS) announced today that its Board
of Directors has updated its Principles of Corporate Governance and
strengthened the role of its independent Lead Director.
In its first meeting following Reliance’s Annual Meeting of
Shareholders, the Nominating and Governance Committee of the Board of
Directors recommended that the Principles of Corporate Governance be
updated to enhance the independent Lead Director’s role. This
recommendation was in response to the significant number of
shareholders’ votes in favor of the shareholder proposal presented, but
defeated, at the Annual Meeting of Shareholders. The independent Lead
Director presides at quarterly and executive meetings of the independent
directors. The Board of Directors approved the following changes to the
Principles of Corporate Governance to formalize many other practices
that were already in place:
-
The independent Lead Director will approve all meeting schedules and
agendas for both the Board of Directors as a whole and the independent
directors.
-
The independent Lead Director will have authority to call meetings of
the independent directors.
-
The independent Lead Director will approve information sent to the
Board.
-
If requested by a major shareholder, the independent Lead Director
will be available for consultation and direct communication.
"These changes reflect our commitment to strong corporate governance and
to being responsive to the views of our shareholders,” said Andrew G.
Sharkey III, Chair of Reliance’s Nominating and Governance Committee.
“While in practice, these procedures have long been followed by our
Board, we believe that formalizing the role of the independent Lead
Director will ensure sound precedent for the future.” The updated
Principles of Corporate Governance are posted on Reliance’s website at www.rsac.com.
About Reliance Steel & Aluminum Co.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California,
is the largest metals service center company in North America. Through a
network of more than 220 locations in 38 states and Australia, Belgium,
Canada, China, Malaysia, Mexico, Singapore, South Korea, the U.A.E. and
the United Kingdom, the Company provides value-added metals processing
services and distributes a full line of over 100,000 metal products to
more than 125,000 customers in a broad range of industries.
Reliance Steel & Aluminum Co.’s press releases and additional
information are available on the Company’s web site at www.rsac.com.
The Company was named to the 2012 “Fortune500” List and
the 2012 Fortune List of “The World’s Most Admired
Companies.”
This release may contain forward-looking statements. Actual results and
events may differ materially as a result of a variety of factors, many
of which are outside of Reliance Steel & Aluminum Co.’s control. Risk
factors and additional information are included in Reliance Steel &
Aluminum Co.’s reports on file with the Securities and Exchange
Commission, including Reliance Steel & Aluminum Co.’s Annual Report on
Form 10-K for the year ended December 31, 2011 and Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2012 and June 30, 2012.
Reliance Steel & Aluminum Co.
Brenda Miyamoto
Investor
Relations
(213) 576-2428
investor@rsac.com
Source: Reliance Steel & Aluminum Co.