Kimberly-Clark Corporation announced that its Board of Directors has amended Kimberly-Clark's by-laws to allow eligible shareholders to have their own director nominees included in the company's proxy statement for the annual meeting. The Board proactively adopted these amendments following thoughtful discussions with its shareholders through Kimberly-Clark's ongoing shareholder outreach program.
"The action taken today is in keeping with Kimberly-Clark's long-standing commitment to strong corporate governance," said James M. Jenness, Lead Independent Director for the Board of Kimberly-Clark. "The board believes the proxy access amendments, which were carefully constructed to serve the best interests of all of our shareholders, are consistent with our goal of strong and transparent governance standards."
Under the amendments, a shareholder, or a group of up to 20 shareowners, owning at least three percent of Kimberly-Clark's outstanding common stock continuously for three or more years may submit director nominees for up to the greater of two directors or 20 percent of the board, provided the shareholders and nominees satisfy the requirements specified in the by-laws.
Kimberly-Clark (NYSE: KMB) and its well-known global brands are an indispensable part of life for people in more than 175 countries. Every day, nearly a quarter of the world's population trust K-C's brands and the solutions they provide to enhance their health, hygiene and well-being. With brands such as Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend, Kimberly-Clark holds No. 1 or No. 2 share positions in 80 countries. To keep up with the latest K-C news and to learn more about the Company's 143-year history of innovation, visit www.kimberly-clark.com or follow us on Facebook or Twitter.