Saks has proposed to “declassify” its board, a move that would put all directors’ seats up for re-election at the same time.

CEO Steve Sadove said the luxury chain aims to hold elections for all board seats annually beginning in 2012 “as a result of shareholder input.” Saks also will adopt a majority voting standard for uncontested elections.

Last spring, shareholders had voted for non-staggered board elections at Saks’ annual meeting after investor P. Schoenfeld Asset Management pushed for them.

Schoenfeld, which blasted management in fall 2008 for deep discounting and charged the move damaged the retailer’s brand, yesterday said it “welcomed” the company’s proposal.

Saks has other big shareholders — Mexican billionaire Carlos Slim and Italian luxury tycoon Diego Della Valle among them — who experts say might threaten a shakeup, despite wide support from many investors for CEO Sadove and his team.