Chevron Amends Bylaws to Allow Proxy Access

Chevron Corp. said its board amended the oil major's bylaws to make it easier for some big shareholders to nominate candidates to its board, joining a growing list of major companies to do so.

Proxy access gives shareholders greater clout to oust directors and influence strategy by letting them list competing board candidates on corporate ballots. The push comes at a time when activist investors also are trying to force change on some company boards.

Under the amended rules, Chevron stockholders with a stake of at least 3% for a minimum of three years are eligible to nominate two individual candidates, or up to 20% of the entire board, which ever is greater, and list them on its ballot, according to a regulatory filing Wednesday.

Chevron was among the 75 publicly traded companies that received proxy access proposals under a campaign led by New York City City Comptroller Scott Stringer, who manages the city's $165 billion in pension funds.

During May, Chevron shareholders backed a proposal allowing certain big owners to nominate director candidates, with 55% of votes cast in favor, though the company wasn't required to implement the practice.

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September 30, 2015 15:45 ET (19:45 GMT)

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