On Monday, Canton, Ohio-based The Timken Company announced that its Board of Directors has formed a Strategy Committee to evaluate a potential separation of the company's steel business from its other businesses and to review the company's corporate governance and capital allocation strategy. The formation of the committee is in response to the non-binding shareholder proposal that was recently approved at the company's 2013 Annual Meeting of Shareholders.
"The Board values the feedback we received from our shareholders through the course of the proxy process as well as at our recent Annual Meeting," said Joseph W. Ralston, the company's lead director, serving as its chairman. "The Committee, with the aid of outside advisors, is carefully evaluating options related to corporate structure as well as shareholder input on corporate governance and capital allocation. The company expects to report on the results of the Committee's evaluation by the end of the third quarter."