Post will also ask shareholders to approve a company initiative that would strengthen shareholders' rights, and an additional action that would keep the company from using the Georgia Anti-Takeover Law without shareholder approval.

"With today's announcement, Post's shareholders should have no doubt that the board is fully committed to the highest standards of corporate governance," Goddard says in a letter to shareholders. "The initiatives…give shareholders, the true owners of Post, greater control over the direction of this company, and therefore, over their investment."

Goddard says the board "remains focused on putting Post on the right course to improve shareholder value." The chairman's comments comment as Post and former company chairman John A. Williams are locked in an intense proxy battle for shareholder votes at the annual meeting set for May 22 at the Post Riverside auditorium in Downtown Atlanta.