3M board opposes proposal for shareholder actions without vote

Tue Apr 15, 2014 12:23pm EDT

A screen displays the tickers symbols for; Herbalife, Chevron, H&R Block and 3M as traders work on the floor at the New York Stock Exchange, April 25, 2013. REUTERS/Brendan McDermid

A screen displays the tickers symbols for; Herbalife, Chevron, H&R Block and 3M as traders work on the floor at the New York Stock Exchange, April 25, 2013.

Credit: Reuters/Brendan McDermid

(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)

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