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UPDATE 1-Microsoft seeks new special meeting rule

Wed Jun 10, 2009 9:05pm EDT

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* Proposes allowing shareholders to call special meeting

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* To be voted on at annual meeting in November

SEATTLE, June 10 (Reuters) - Microsoft Corp (MSFT.O) said on Wednesday its board proposed a new rule to give shareholders with more than 25 percent of the company's shares the right to call a special shareholder meeting.

The world's largest software company said the move, which will be voted on at the company's annual meeting in November, is part of its aim for strong corporate governance.

"The ability of shareholders to call special shareholder meetings is increasingly considered an important shareholder right," John Seethoff, vice president and deputy general counsel for Microsoft, said in a statement.

Microsoft is one of the most widely held U.S. stocks with almost 9 billion shares outstanding. Chairman and co-founder Bill Gates is the company's largest shareholder with 8.2 percent of outstanding shares, followed by Chief Executive Steve Ballmer with 4.6 percent, according to Reuters data. (Reporting by Bill Rigby; Editing by Gary Hill)

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