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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