Medtronic Looks to Open Board to Shareholders
Medtronic (NYSE:MDT)Medtronic proposed today to allow long-term shareholders to nominate candidates for its board of directors, saying it will ask stockowners to approve the measure at its annual meeting in December.
Fridley, Minn.-based Medtronic, the largest pure-play medical device maker, said the so-called “proxy access” would allow a shareholder or a group of up to 20 shareholders to nominate candidates to make up as much as 20% of its board. Nominating shareholders would have to own at least a 3% stake held continuously for at least 3 years, the company said.
Fridley, Minn.-based Medtronic, the largest pure-play medical device maker, said the so-called “proxy access” would allow a shareholder or a group of up to 20 shareholders to nominate candidates to make up as much as 20% of its board. Nominating shareholders would have to own at least a 3% stake held continuously for at least 3 years, the company said.