Amgen to declassify board of directors

Biotechnology group Amgen confirmed its board has voted overwhelmingly in favour of declassifying its panel of directors.

The US human therapeutics company announced that a unanimous decision means the board is set to be declassified with uncontested elections for directors to be held later in the year.

As a consequence of the ballot, proposals will be submitted concerning the amendment and incorporation of bylaws and shareholders will be asked to vote on plans to elect or re-elect its directors.

The firm stated: “Amgen’s amended bylaws require any incumbent nominee for Amgen’s board who fails to receive a majority of the votes cast in an uncontested election to promptly tender his or her resignation to the board.”

Following such a resignation, the board would require a recommendation from the governance and nominating committee on whether the offer should be accepted.

Last month the California-based company revealed that its revenue for the final quarter of last year saw an increase of 17 per cent to $3.8 billion (1.95 billion pounds), which resulted in full-year takings growth of $14.3 billion.

On the basis of these results, Amgen predicted that this year’s total revenue will be in the range of $15.4 billion to $16 billion.