Saks shareholders urged to vote for board proposal

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New York City P. Schoenfeld Asset Management LP urged Saks shareholders on Wednesday to vote in favor of a proposal that would put the majority of the retailer's board up for election next year.

The proposal also would give stockholders the chance to elect all directors to one-year terms starting in 2012. Currently, directors are elected to staggered, three-year terms.

The asset-management firm, which said it proposed to declassify Saks' board at last year's annual meeting, plans to vote in favor of the proposal. The firm owns about 2 million Saks shares, or 1.28% of its outstanding common stock. Saks will hold its 2010 meeting on June 8.