Yum Brands Amends Board Nomination Rules
February 27 2015 - 11:30AM
Dow Jones News
Yum Brands Inc. (YUM) has changed its rules regarding which
shareholders can nominate directors to its board, following
discussions with some of its largest shareholders.
Yum, the owner of KFC and Taco Bell, said the new rule will
allow a shareholder--or a group of up to 20 shareholders--owning at
least 3% of Yum's outstanding shares for at least three years to
nominate directors representing up to 20% of the board. Yum said
its board will adopt the new rule in the spring.
As a result, shareholder Marco Consulting Group has agreed to
withdraw a proxy access shareholder proposal from the proxy
statement Yum will send out in March.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
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