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3M board opposes proposal for shareholder actions without vote

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[April 16, 2014]  (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.

"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)

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