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Proxy access: when shareholders nominate directors

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In March, Bank of America changed its bylaws to let a group of up to 20 shareholders nominate up to 20% of its directors if they have owned over 3% of the company's stock for at least three years.

THOUGH directors are elected by shareholders, the nominations for their election are usually made by the board of directors following an internal nomination process that often includes a nominating committee-led search for suitable candidates.

However, a view is emerging, especially in...

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