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MEMC proposes directors serve 1-year terms

ST. PETERS, Mo. (AP) -- MEMC Electronic Materials Inc. said Tuesday its board is proposing that directors serve terms of one year instead of three.

At the company's next annual meeting, shareholders will vote on a board proposal that directors serve one-year terms and stand for election at each future annual meeting. MEMC's directors currently serve three-year terms, and the terms are staggered so that about a third of the board stands for election each year.

The board's proposal came in response to a non-binding shareholder proposal approved at the company's 2012 annual meeting.

If shareholders approve the board's proposal, it would take effect in 2014. MEMC's next annual meeting will likely be in late May or early June.