Janus Capital's board of directors approved $500 million worth of repurchases of its stock. This comes on the heels of an earlier approval of $500 million in stock repurchases that expires at the end of 2006, of which $124 million had not been exercised as of Dec. 31.
"Our board remains committed to returning value to our stockholders," said Janus CEO and Chief Investment Officer Gary Black. "We continue to believe our stock is an excellent investment and that buying back shares is a good use of our capital."
In addition, Janus has amended its bylaws to set a majority-vote standard for the election of directors in uncontested elections, beginning with the next election in April. Any incumbent directors who do not receive a majority of votes will be required to tender their resignations. Contested elections, where there are more nominees than director positions available, will continue to use the plurality standard.
There are 215.7 million outstanding shares of Janus.