May 21, 2014 / 10:00 PM / 4 years ago

CME Group fails in bid to shrink board

CHICAGO, May 21 (Reuters) - CME Group Inc shareholders defeated a company-backed proposal to trim its massive board by halving the number of directors representing Chicago Mercantile Exchange users, Executive Chairman Terry Duffy said on Wednesday.

Duffy, speaking at CME’s annual meeting in Chicago, said he would like to revive the proposal in some form in the future.

CME, the world’s largest futures market operator, had proposed cutting three of the six board members who represent Chicago Mercantile Exchange users to help the company reduce what is the largest board among companies that make up the Standard & Poor’s 500 Index.

The board is set to drop to 24 directors from 29 this year, still topping the next-largest board at BlackRock Inc by five members, according to Institutional Shareholder Services. (Editing by Lisa Shumaker)

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