<p>Delta Air Lines board of directors has implemented a policy that requires shareholder approval for future severance packages for senior executives in some cases.</p><p>That change and others announced Thursday are intended to ensure that Atlanta-based Deltas corporate governance policies meet federal and New York Stock Exchange guidelines.</p><p>The nations third-largest airline said its board has adopted a policy that requires shareowner approval for future severance arrangements for executive officers that provide benefits exceeding 2.99 times salary and bonus. The Delta board said it also supports the expensing of stock options, but wants guidance from regulators on a standard valuation method.</p><p>Other changes to Deltas corporate governance policy include: establishing independence standards for members of the board; adopting revised corporate governance principles relating to the boards composition, function, structure and responsibilities; and electing a presiding director to chair executive sessions of the board.</p><p>The compensation of senior executives at Delta has been a significant issue at the airline for months as it has sought to gain deep wage cuts from pilots.</p><p>Earlier this year, it was revealed that a select group of executives had received millions in company payments to a program to protect their pensions. After the uproar, Delta canceled the final payment to participants of its supplemental executive retirement plan and discontinued the program, which would have been fully funded at $65 million by next year.</p><p>___</p><p>On the Net:</p><p>HASH(0x28655c8)</p>
