PHH Corp. makes pro-shareholder changes

The board of PHH Corp., a Mount Laurel company with mortgage-lending and vehicle-leasing operations, made two corporate governance changes designed to give shareholders more power.

The company dropped a poison pill plan and determined that in the future any such anti-takeover defense would require shareholder approval within a year of its adoption.

The board also adopted majority voting for directors, which means that any director who receives fewer "for" votes than "against" votes is expected to resign. Under the previous system, shareholders only had the choice of voting for a candidate or withholding the vote. That meant a single affirmative vote could get a candidate elected if there were no opponent.    - Harold Brubaker