Summary
Corning Incorporated (GLW) filed an 8-K on March 29, 2020, detailing amendments to its By-Laws made effective March 26, 2020. These changes were driven by the evolving coronavirus pandemic and related governmental actions. The primary purpose of these amendments is to provide the Board of Directors with greater flexibility in how shareholder meetings are conducted, particularly in response to public health concerns and restrictions. Specifically, the amendments grant the Board discretion to hold shareholder meetings entirely by remote communication, rather than requiring a physical location, for the 2020 annual meeting and potentially future meetings, as permitted by law. Furthermore, the By-Laws were updated to allow for a shorter notice period for shareholder meetings, which can be less than 10 days, provided it complies with applicable law. These adjustments aim to ensure that Corning can continue to hold necessary shareholder engagement and governance activities despite the challenging external environment.
Key Highlights
- 1Corning's Board of Directors amended and restated the Company's By-Laws on March 26, 2020.
- 2The amendments were necessitated by the coronavirus pandemic and related governmental actions.
- 3The Board can now, at its discretion, hold shareholder meetings entirely by remote communication.
- 4This remote meeting option is applicable to the 2020 annual meeting of shareholders, and potentially others.
- 5The By-Laws now permit a shorter notice period for shareholder meetings, potentially less than 10 days, if legally allowed.
- 6These changes enhance flexibility in conducting shareholder meetings during uncertain times.