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INTUIT SHOWS A DEMOCRATIC STREAK

intuitIntuit hasn't wasted any time in looking as though it is responding to the pending presence of David Batchelder on its board of directors. Batchleder is a partner of Relational Investors, a firm known for its interest in corporate governance, including executive pay.

The proxies for the next board election haven't been voted, but this month, the Intuit directors adopted a policy that starting with the annual meeting in 2010 stockholders will gain the ability to cast an advisory vote regarding whether they concur with the company's compensation philosophy, policies and determinations for its named executive officers. While the vote will be non-binding, a company statement said results will be considered by the compensation committee in determining annual compensation. That information was in a document posted Wednesday on Edgar, the system which reports SEC documents via the Internet. On Monday, a document was posted noting that performance goals have been set for executives for the year ending July 31. The actual details of those goals weren't reported. Bonuses for the prior year are usually published in proxy material issued before the annual meeting and proxy information for the meeting for fiscal 2009 has not yet been posted on Edgar.

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