UPS (NYSE:UPS) today announced its board of directors has adopted amended bylaws that incorporate current best practices and changes in Delaware law, including proxy access, which allows eligible shareowners to include their own director nominees in the company’s proxy materials.
The board adopted proxy access as part of its ongoing commitment to strong corporate governance practices, following thoughtful discussions with shareowners through the Company’s long-standing outreach program. “We engaged with our shareowners and carefully considered their feedback on this important issue,” said David Abney, UPS Chairman and Chief Executive Officer.
Proxy access provides a single shareowner, or group of up to 20 shareowners, who has owned at least three percent of UPS’s outstanding stock continuously for at least three years, the ability to include director nominees in UPS’s proxy materials for an annual meeting of shareowners. Shareowners may include the-greater-of 20 percent of UPS board seats or two directors in the proxy materials.
“Proactively implementing proxy access is appropriate and consistent with UPS’s high governance standards,” said William R. Johnson, UPS Independent Lead Director. “The board of directors is committed to best practices in corporate governance and taking actions in line with shareholder feedback.”
UPS (NYSE: UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the web at ups.com or pressroom.ups.com and its corporate blog can be found at longitudes.ups.com. To get UPS news direct, follow @UPS_News on Twitter.
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