This excerpt taken from the MON DEF 14A filed Dec 1, 2008.
Election of Directors
Because this director election is not a contested election, each director will be elected by the vote of the majority of the votes cast. A contested election means an election in which the number of candidates exceeds the number of directors to be elected. A majority of the votes cast means that the number of votes cast for a director exceeds the number of votes cast against that director. Votes cast excludes abstentions and any broker non-votes. There is no cumulative voting with respect to the election of directors.
Under Delaware law, if a director is not elected at the annual meeting, the director will continue to serve on the Board as a holdover director. As required by our bylaws, each director-nominee has submitted an irrevocable contingent letter of resignation that becomes effective if he or she is not elected by a majority of the votes cast by shareowners and our board of directors accepts the resignation. If a director-nominee is not elected by a majority of the votes cast, our nominating and corporate governance committee will consider the directors resignation and recommend to our board of directors whether to accept or reject the resignation. Our board of directors will decide whether to accept or reject the resignation and publicly disclose its decision and the rationale behind the decision within 90 days after the election results are certified.