Research In Motion agreed to look at changes to its corporate governance after a shareholder tried to force a vote on the issue at the upcoming AGM. RIM said Northwest & Ethical Investments has decided to withdraw its proposal for the AGM, after talks with the company. The proposal asked that RIM divide the role of chair and CEO, and that RIM have an independent chair. The company agreed that the board will establish a committee of independent directors whose mandate will generally be to (i) study the appropriate balance between an independent lead director or chair with full and exclusive authority customarily held by such an office holder, (ii) determine the business necessity for RIM's co-CEOS to have significant board level titles to assist their selling and other responsibilities with certain large customers in overseas markets, and (iii) propose and provide a rationale for a recommended governance structure for RIM, which will include clarifications of the co-CEOs and chair roles, as well as the board's mandate. The committee is expected to issue a report by the end of January 2012, after which RIM will respond within 30 days.
