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3M board opposes proposal for shareholder actions without vote [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. |
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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) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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