3M board opposes proposal for shareholder actions without vote
(Reuters) - Post-it notes maker 3M Co (MMM.N) said its board opposed a proposal by shareholder James McRitchie to allow investors holding enough shares to take a particular action through written consent without putting it to a vote.
McRitchie and his shareholder activist ally John Chevedden proposed that such actions be approved without prior notice to other stockholders or the company, 3M said in a letter to stockholders. (r.reuters.com/seq58v)
"The proposal would allow a group of stockholders to force fundamental changes on the company, such as a sale or replacement of the board of directors," Chief Executive Inge Thulin said in the letter.
(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Kirti Pandey)
- Israel intensifies Gaza assault, Egyptians revise truce plan |
- Putin may have passed point of no-return over Ukraine
- Special Report: Where Ukraine's separatists get their weapons
- EU agrees first broad sanctions on Russia; U.S. expected to follow
- Obama wrote Putin about violation of nuclear treaty -White House