H&R Block: Shareholders to have say in pay, compensation

SAN FRANCISCO (MarketWatch) -- H&R Block Inc. (HRB:

HRB 23.13,
-0.28,
-1.2%)

said late Tuesday its board approved a series of changes in the
company's corporate
governance policies, including giving shareholders a say in the
company's compensation package. H&R Block amended its by-laws to
provide for a non-binding vote of shareholders on the pay and
performance policies. The tax service company also decided not to renew
the "poison pill" clause after it expired in March. At the same time,
the board was reduced to seven to 12 members from the previous 9 to 15
directors. Meanwhile, H&R Block plans to seek shareholder approval
at the upcoming annual meeting to include the provisions separating the
chairman and chief executive positions in the company's articles of
incorporation. If approved, it will require advance shareholder consent
to eliminate the position of independent, non-executive chairman.