Action by Written Consent
Our Best Practices view:
Shareholders must be allowed to take action by written consent in place of a shareholder meeting.
If 50% of shareholders agree to support a prox
y, they should act without having to rely on the management organizing a shareholder meeting. This is especially important in situations of a looming serious threat to the corporation from mismanagement by entrenched insiders.
We will support resolution to provide for action by written consent.
"There is increasing recognition of the fact that [operations] conducted by large corporations