Philadelphia Public Employees Retirement System withdrew a shareholder proposal at Wendy's Co. after the company agreed to submit management-supported proxy access amendments to its certificate of incorporation and bylaws to a vote at its 2016 annual meeting, Wendy's announced in a news release posted on its website.
If approved by shareholders, access would become effective after the vote.
The $5 billion pension fund targeted Wendy's over concerns that include board gender diversity, said Francis X. Bielli, executive director. The pension fund hopes to address its concern through access, Mr. Bielli said. Wendy's has one female director, Janet Hill.
Under the agreement, the proposal will enable a stockholder or a group of up to 25 stockholders owning at least 3% of Wendy's stock continuously for three years to use the corporate proxy materials to nominate up to 20% of the company's 10-member board of directors.
