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Home Industry News Medtronic proposes adoption of proxy access

Medtronic proposes adoption of proxy access

21st March 2016

Medtronic is moving to make it easier for long-term shareholders to nominate new board members by putting forward a board proposal that supports the adoption of proxy access.

The motion, which will be debated at Medtronic's annual general meeting in December, would amend the company's articles of association to permit a shareholder, or a group of up to 20 shareholders, to nominate up to 20 percent of the board of directors.

This would depend on shareholders and their nominees satisfying predetermined eligibility requirements; specifically, nominating shareholders would be required to demonstrate ownership of at least three percent of outstanding voting shares for at least three years.

Additional details on the proxy access scheme will be provided in Medtronic's 2016 proxy statement, which will be filed in the third calendar quarter of 2016.

Omar Ishrak, chairman and chief executive officer of Medtronic, said: "This decision reflects our board's commitment to ensure strong corporate governance policies that align the interests of Medtronic and our investors."

The firm recently announced its financial results for the third quarter of its 2016 fiscal year, during which it saw a 61 percent year-on-year increase in revenues, thanks to its recent acquisition of Covidien.ADNFCR-8000103-ID-801815023-ADNFCR

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