Oct. 27--McDonald's has changed its bylaws to allow shareholders to nominate board members, giving them greater influence in how the world's largest burger chain is governed.
Under the new rules, Oak Brook-based McDonald's said a group of up to 20 shareholders may have their director nominees included in the proxy statement before McDonald's annual meeting, a document that companies are required to provide to shareholders so they can make informed decisions about the meeting's expected agenda.
That opens the door for a number investors to have their say, but the shareholder group must have held at least 3 percent of the company's stock for three years. That's still a very big and very expensive entry fee. The company currently has more than 941 million shares outstanding, and shares are trading at about $111 each.
The nominees elected by this process can only fill up to two seats on the company's board. McDonald's currently has 14 directors.
McDonald's is following in the footsteps of several other big companies that have opened up elections recently, including Deerfield-based Walgreens Boots Alliance. McDonald's said earlier this year that its previous policy was under review.
sbomkamp@tribpub.com
