Reliance Steel & Aluminum Co announced 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

Mr Andrew G Sharkey III chair of Reliance's Nominating and Governance Committee said that "These changes reflect our commitment to strong corporate governance and to being responsive to the views of our shareholders. 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."

Source - Reliance Steel & Aluminum Co

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