General Motors Co. adopted proxy access, permitting shareholders to use corporate proxy materials to nominate directors to the company's board, said a filing by GM on Tuesday with the Securities and Exchange Commission.
A bylaw amendment adopted by the board of directors will enable a single shareholder or a group of up to 20 shareholders that hold in aggregate 3% of the stock continuously for three years to nominate two directors or up to 20% of the company's board. GM has a 12-member board.
The amended bylaw takes effect after the company's annual meeting this year. GM's meeting in recent years has been in June. It has not issued its 2016 proxy statement yet.