- Virginia
Capital One Financial has allowed shareholders to nominate candidates to the companys board of directors, joining a spate of large U.S. companies moving to open access to proxy ballots.
October 6 -
Bank of America's shareholders cast far fewer votes than a year earlier for a key director who helped combine the titles of chairman and chief executive, allowing Brian Moynihan to hold both posts while sparking anger among investors.
May 8 -
Bank of America shareholders voted Tuesday to allow Brian Moynihan to keep his dual titles of chairman and chief executive, with 63% of votes cast in favor of Moynihan.
September 22
Wells Fargo's board of directors amended the bank's bylaws to make it easier for shareholders to nominate directors.
The new rules, effective immediately, give so-called proxy access rights to an individual or groups of as many as 20 shareholders who have continuously owned at least 3% of the firm's stock for three years, the San Francisco-based bank said Friday in a statement. The provisions allow the shareholders to nominate and include in the proxy statement two directors, or 20% of the board, whichever is greater.
The new rules are similar to provisions at firms including Bank of America. JPMorgan Chase's board is also considering amending its bylaws for shareholders who meet similar thresholds as Wells Fargo, according to an October securities filing. JPMorgan also enacted rules that will say whether senior executives have had their incentive compensation clawed back.