Staples agrees to amend bylaws on director nominations

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    • Jan 2009
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    Staples agrees to amend bylaws on director nominations

    Staples Inc has agreed to a proposal to allow shareholders who have held a stake of at least 3 percent for three years to nominate directors, bowing to pressure from the New York City comptroller and the city's public pension funds. If approved by Staples' shareholders, these investors will be able nominate up to 20 percent of its directors for a board of 10 or more members, and 25 percent for nine or fewer members, Comptroller Scott Stringer's office said on Wednesday.


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