Filing: Conoco Changes Bylaws To Allow Proxy Access


HOUSTON, Oct 13 (Reuters) - ConocoPhillips, the largest U.S. independent oil and gas company, on Tuesday said its board amended its bylaws to allow minority shareholders to nominate directors.

Investors led by New York City Comptroller Scott Stringer had pushed hard for so-called proxy access at 19 oil companies, arguing that shareholders should have the right to nominate climate experts to board seats. The aim of the campaign was to demand more accountability from oil companies on global warming.

Starting with the company's 2017 annual meeting, a shareholder or a group of shareholders owning 3 percent or more of Conoco's outstanding shares for at least three years can nominate directors, the company said in a filing with regulators.

In May, a majority of Conoco shareholders approved a non-binding resolution allowing proxy access. At the time, the Houston-based company's board of directors had recommended a vote against the proposal.

Companies had argued that their boards' nominating committees are best suited to pick director nominees.

The proxy access measure was approved at two-thirds of the oil companies targeted by Stringer.

(Reporting by Anna Driver; Editing by Terry Wade and Dan Grebler)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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