Mondelez, BlackRock to Allow Holders to Nominate for Board
October 07 2015 - 5:30PM
Dow Jones News
Snacks giant Mondelez International Inc. on Wednesday said it
had adopted a so-called proxy access policy that would allow
certain shareholders to nominate members to its board.
Separately, BlackRock Inc., the world's largest asset manager,
said it plans to put forth a similar proposal, subject to
shareholder approval, at its next shareholders' meeting.
The two companies join a growing swath of big U.S. companies who
are making it easier for shareholders to nominate candidates for
board seats. These include Coca-Cola Co., Microsoft Corp., General
Electric Co. and Monsanto Co.
Both companies' policies roughly mirror a 2010 Securities and
Exchange rule, struck down by the courts, requiring eligible
shareholders have at least a 3% stake and have held the stock for
at least three years.
Mondelez's policy, which is slated to go into effect on Oct. 9,
allows a shareholder or group of up to 30 shareholders to nominate
up to two members, or 20% of its board, whichever is greater, based
on its board size at the time. Its board currently has 12
members.
BlackRock's proposal would allow a shareholder or group of 20 to
nominate up to 25% of the board's directors. BlackRock currently
has 19 directors.
Shares of Mondelez and BlackRock, which have risen 22% and
fallen 10%, respectively, this year, edged lower in after-hours
trading on Wednesday.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 07, 2015 17:15 ET (21:15 GMT)
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