FRAMINGHAM, Mass.--(BUSINESS WIRE)--Staples, Inc. (Nasdaq: SPLS) announced today that the Company’s Board of Directors has amended and restated the Company’s by-laws to implement a proxy access procedure for stockholder director nominations.
“Our decision to adopt proxy access reinforces the Board’s commitment to enhancing our governance standards to align with evolving best practices,” said Vijay Vishwanath, Chair of the Nominating and Corporate Governance Committee.
Proxy access provides an opportunity for shareholders to nominate director candidates in Staples’ proxy statement. The by-law amendment allows for a stockholder, or group of up to 25 stockholders, to include in Staples’ proxy materials director nominees constituting up to two individuals or 20% of the board, whichever is greater, provided that the nominating stockholder(s) own a number of shares representing 3 percent or more of the total voting power of the Company’s outstanding shares of capital stock entitled to vote in the election of directors continuously for at least three years. The proxy access procedure will be first available to stockholders in connection with Staples’ 2016 annual meeting of stockholders.
For further information please see Staples’ amended and restated by-laws posted on the corporate governance section of Staples’ website.
Staples makes it easy to make more happen with more products and more ways to shop. Through its world-class retail, online and delivery capabilities, Staples lets customers shop however and whenever they want, whether it’s in-store, online or on mobile devices. Staples offers more products than ever, such as technology, facilities and breakroom supplies, furniture, safety supplies, medical supplies, and Copy and Print services. Headquartered outside of Boston, Staples operates throughout North and South America, Europe, Asia, Australia and New Zealand. More information about Staples (SPLS) is available at www.staples.com.