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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BlackRock Inc | NYSE:BLK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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12.74 | 1.59% | 815.70 | 818.18 | 807.68 | 808.95 | 666,681 | 23:06:00 |
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)
Copyright (c) 2015 Dow Jones & Company, Inc.
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