Directors of textured yarn maker Unifi Inc have voted unanimously to declassify the board to ensure that its corporate governance policies maximise management accountability to shareholders.
And according to a regulatory filing Thursday, the company is now seeking shareholder approval for the proposal. Voting is scheduled for its annual meeting on 23 October.

Unifi believes a declassified board will be more accountable. At present, its board consists of 10 directors serving staggered three-year terms.

If declassified, the entire board will be re-elected.