Summary
McKesson Corporation (MCK) has filed an 8-K report detailing amendments to its By-Laws, effective May 22, 2019. The primary change involves a reduction in the ownership threshold required for stockholders to call a special meeting. Previously, 25% of the company's outstanding common stock was needed; this has now been lowered to 15% Net Long Beneficial Ownership. This amendment to Article II, Section 3(b) of the By-Laws could potentially increase shareholder engagement and influence by making it easier for a smaller group of significant stockholders to convene a special meeting. Additionally, a minor correction to cross-references in Article III was made. Investors should note that the full text of the amended By-Laws is available as an exhibit to this filing.
Key Highlights
- 1McKesson Corporation amended its By-Laws, effective May 22, 2019.
- 2The ownership threshold required for stockholders to call a special meeting has been reduced from 25% to 15% of Net Long Beneficial Ownership.
- 3This change aims to potentially empower significant shareholders by lowering the bar for special meeting requisitions.
- 4Minor corrections to cross-references within Article III of the By-Laws were also implemented.
- 5The full text of the amended By-Laws is available as Exhibit 3.1 to the 8-K filing.