The board of NBT Bancorp (NBTB) 's board has made sweeping changes to the Norwich, N.Y., company's bylaws.
The changes, disclosed in a Tuesday regulatory filing, include the removal of a residency requirement for directors. Before the changes, all directors had to live in New York, or reside within 200 miles of NBT's corporate office, for at least a year before serving. The board also increased NBT's mandatory retirement age by two years, to 72.
The board also expanded the list of committees that are off limits for the chief executive, adding nominating and corporate governance to a group that already included audit and risk management and compensation and benefits. Directors also removed language that allowed shareholders to determine the board's size during annual meetings.
Directors also clarified the requirement for approving changes to the bylaws, requiring just over two-thirds of outstanding shares to make changes. The bylaws had required the support of roughly two-thirds of the number of shareholders.
The new version of the bylaws also eliminates the position of vice chairman as an NBT officer.