Corning to Ask Shareholders to Back New Proposals

CORNING, N.Y., Sept. 15 -- Corning Inc. has filed a preliminary proxy statement with the Securities and Exchange Commission to hold a shareholder meeting on November 8. In the meeting, Corning will seek shareholders' approval of two proposals that Corning management and the board of directors feel will bolster the company's competitive edge in the high-growth fiber optic technologies market.
Corning's will attempt to get the ok to increase the number of authorized shares from 1.2 billion to 3.8 billion to give the company more latitude for future acquisitions and stock splits. This increase in authorized shares will have no effect on Corning's previously announced three-for-one stock split, said Corning. The new shares will be issued on October 3, increasing the number of common shares issued to approximately 957 million compared with 319 million shares issued on June 30.
Citing the fact that it has doubled its worldwide employee workforce in the past year, Corning will seek approval to update its Employee Equity Participation Program. The aim of the proposal is to attract and keep employees in today's highly competitive job market. The new program is designed to enable Corning to provide equity incentives as a major part of its total compensation program.