Itasca, Ill.-based brokerage giant Arthur J. Gallagher & Co. announced that its board of directors declared a quarterly cash dividend on the company’s common stock of 25 cents per share payable April 15, 2004, to shareholders of record as of March 31, 2004. The company also announced its move to a predominantly independent board of directors. Gallagher’s board will now consist of six outside directors and two management directors, Robert E. Gallagher, chairman, and J. Patrick Gallagher Jr., president and CEO. This change in board composition is the latest in a series of governance initiatives Gallagher has undertaken to demonstrate its continued commitment to maintaining high standards of corporate governance. In 2003, the company formed an independent nominating and governance committee to join with its already independent audit and compensation Committees. Gallagher also adopted a set of corporate governance guidelines designed to codify this commitment. Simultaneous with this board change, Gallagher announced the formation of an executive management committee comprised of six of its senior executives. This committee will report to the CEO and work closely with the board in setting the company’s strategic direction.
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