Chevron Amends Bylaws to Allow Proxy Access
September 30 2015 - 4:00PM
Dow Jones News
Chevron Corp. said its board amended the oil major's bylaws to
make it easier for some big shareholders to nominate candidates to
its board, joining a growing list of major companies to do so.
Proxy access gives shareholders greater clout to oust directors
and influence strategy by letting them list competing board
candidates on corporate ballots. The push comes at a time when
activist investors also are trying to force change on some company
boards.
Under the amended rules, Chevron stockholders with a stake of at
least 3% for a minimum of three years are eligible to nominate two
individual candidates, or up to 20% of the entire board, which ever
is greater, and list them on its ballot, according to a regulatory
filing Wednesday.
Chevron was among the 75 publicly traded companies that received
proxy access proposals under a campaign led by New York City City
Comptroller Scott Stringer, who manages the city's $165 billion in
pension funds.
During May, Chevron shareholders backed a proposal allowing
certain big owners to nominate director candidates, with 55% of
votes cast in favor, though the company wasn't required to
implement the practice.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 30, 2015 15:45 ET (19:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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