(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