NEWARK, N.J.--(BUSINESS WIRE)--Prudential Financial, Inc. (NYSE:PRU) announced today that the Board of Directors of the company has approved and adopted proxy access amendments to the company’s by-laws, enabling eligible shareholders to have their own director nominees named in the company’s proxy statement for its annual meeting. The Board proactively adopted these amendments as part of its ongoing commitment to corporate governance best practices, making Prudential one of the first companies to take this step independently, without a shareholder proposal.
Under the amendments, a shareholder or a group of up to 20 shareholders who own 3 percent or more of the company’s outstanding capital stock continuously for at least three years may nominate and include in the company’s proxy statement directors constituting up to 20 percent of the board, provided the shareholders and nominees satisfy the requirements specified in the by-laws.
“Prudential’s board is committed to upholding strong corporate governance practices,” said Karl Krapek, lead independent director. “Based on our ongoing assessment of best practices and discussions with shareholders, we decided to take this proactive step to make proxy access available to our long-term shareholders and further strengthen Prudential’s governance standards.”
The proxy access amendments will be effective with respect to the company’s 2016 proxy and annual meeting.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of December 31, 2014, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.