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TW seeks unified board term

NEW YORK – Time Warner Inc. said Thursday that it will ask shareholders to approve elimination of staggered terms for its board of directors.

If the proposal is adopted at the company’s 1997 annual meeting, all directors would stand for election annually, beginning with the 1998 annual meeting.

Time Warner chairman and CEO Gerald M. Levin said the company’s shareholders “should have a chance to vote on the entire board each year.”

Levin noted that Time Warner has been steadily improving its corporate governance procedures, including reducing the size and the number of insiders on its board, excluding insiders from all committees, setting a retirement age for directors and instituting confidential voting.

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