Microsoft Adopts Policy for Shareholders To Pick Board Candidates

Eligible Microsoft shareholders are able to nominate candidates for positions on the company's board due to a newly adopted corporate policy, the company said in a blog post Friday. The policy allows up to 20 shareholders -- having each held the stock for at least three years -- collectively holding at least 3 percent of the company's outstanding shares to nominate up to two individuals or 20 percent of the board for election, the software maker said. "This proxy access framework strikes the right balance for Microsoft by ensuring that board nominees are supported by long-term shareholders representing a significant, but attainable, proportion of outstanding shares."