Reuters logo
3M board opposes proposal for shareholder actions without vote
April 15, 2014 / 4:25 PM / in 4 years

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.

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

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. (

“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

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below