BlackRock proposes letting shareholders nominate directors

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BlackRock, the world’s biggest money manager, is proposing changes that would enable large, longtime shareholders in the company to nominate their own directors.

Bloomberg News reports that the firm is proposing bylaw changes that would let any qualifying shareholder, or a group of as many as 20 stock owners, nominate up to 25% of the board of directors for 2016, according to a statement Wednesday from BlackRock.

Investors must have owned at least 3% of the company’s outstanding shares for at least three consecutive years to qualify.

BlackRock is moving in the same direction as the likes of Microsoft, General Electric and Coca-Cola, which changed their bylaws this year to give major shareholders so-called proxy access, making it easier for them to nominate directors. 

To access the complete Bloomberg News article hit the link below:

BlackRock Seeks to Let Longtime Shareholders Nominate Directors

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