Summary
Arthur J. Gallagher & Co. (AJG) has filed an 8-K report on January 30, 2020, detailing an amendment to its Amended and Restated By-Laws, effective January 29, 2020. The primary change implemented is the adoption of a proxy access provision, which allows eligible stockholders to nominate directors for inclusion in the company's proxy materials. This move is significant as it provides shareholders with greater ability to influence board composition.
Key Highlights
- 1Arthur J. Gallagher & Co. adopted a proxy access bylaw, effective January 29, 2020.
- 2The new bylaw allows eligible stockholders to nominate directors for inclusion in the company's proxy materials.
- 3The proxy access provision permits nominations of up to 20% of the Board or two individuals, whichever is greater.
- 4To be eligible, stockholders must have continuously owned 3% or more of the Company's outstanding shares entitled to vote for at least three years.
- 5A group of up to 20 eligible stockholders can collectively meet the ownership and holding period requirements.
- 6The full details of the amended By-Laws are provided as an exhibit to the 8-K filing.