NORTHBROOK, Ill., Nov. 19, 2015 /PRNewswire/ -- The Allstate
Corporation (NYSE: ALL) today announced that its board of directors
has adopted amendments to the company's bylaws providing "proxy
access" shareholder rights. "Allstate's board is committed to
strong corporate governance and creating value for our
shareholders," said Thomas J.
Wilson, chairman and chief executive officer. "Our board
proactively adopted proxy access as part of our ongoing commitment
to governance best practices that include dialogue, transparency
and responsiveness to shareholder views."
Proxy access enables eligible long-term shareholders to nominate
their own director candidates in a company's proxy statement. The
bylaw amendments will allow holders of at least 3 percent of
Allstate's outstanding common shares, who have held the shares
continuously for at least three years, to submit eligible director
candidates for up to 20 percent of the board. Up to 20 shareholders
may aggregate their shares to reach the 3 percent ownership
threshold. Proxy access rights will first be available to
shareholders in connection with Allstate's 2017 annual shareholders
meeting. Allstate's amended bylaws will be filed with the
Securities and Exchange Commission on Form 8-K and posted to the
corporate governance section of Allstate's website.
The Allstate Corporation (NYSE: ALL) is the nation's largest
publicly held personal lines insurer, protecting approximately 16
million households from life's uncertainties through auto, home,
life and other insurance offered through its Allstate, Esurance,
Encompass and Answer Financial brand names. Allstate is widely
known through the slogan "You're In Good Hands With
Allstate®." The Allstate brand's network of small
businesses offers auto, home, life and retirement products and
services to customers in the United
States and Canada. In the
20 years since Allstate became a fully independent public company,
The Allstate Foundation, Allstate, its employees and agency owners
have donated more than $405 million
to support local communities.
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SOURCE The Allstate Corporation