Macy’s Changes Rules For Electing Board Members
In a pretty clear attempt to scare off the activist investors that have started circling in retail, Macy’s has made it easier for long-time shareholders to nominate directors to its board – part of a general move toward “proxy-acess.” The new amendment means a shareholder — or cluster of 20 investors with ownership of at least 3 percent of Macy’s shares for at least three years — can nominate no more than two board members — or 20 percent of the board, whichever is a larger number.
