Coca-Cola Amends Bylaws to Allow Proxy Access
September 03 2015 - 9:20AM
Dow Jones News
Coca-Cola Co. said Thursday that it has amended its bylaws to
allow for so-called proxy access, a recently-popular mechanism that
allows investors to more easily nominate directors to company
boards.
Coke said it would allow shareholders to put forth nominees to
the company's board, provided the candidates' backers have owned at
least 3% of Coke's shares for at least three years. The change is
effective immediately, according to a regulatory filing.
At Coke's annual meeting in April, the proposal almost secured a
majority with 40.6% of votes cast in favor. Coke directors had
recommended shareholders vote against the proposal, saying more
deliberation was needed about the best way to increase proxy
access.
Coke now joins companies including General Electric Co. and
Citigroup Inc. that have moved to allow so-called proxy access
recently.
A few years ago, a federal court shot down an effort by the SEC
to impose proxy access on U.S. firms, leaving shareholders to push
the issue company by company. The court-scuttled SEC rule would
have allowed an investor or group of investors owning at least 3%
of a company's stock for at least three years to win the right to
nominate.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 03, 2015 10:05 ET (14:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Coca Cola (NYSE:KO)
Historical Stock Chart
From Apr 2024 to May 2024
Coca Cola (NYSE:KO)
Historical Stock Chart
From May 2023 to May 2024