ATLANTA (AFX) - Home Depot Inc., the world's largest home improvement retailer, said Thursday it will implement a majority voting system for electing directors.
Shareholders approved a request for the company to switch away from the plurality system of voting it had been using to elect board directors.
Under a majority system, director nominees need to win a majority of votes cast to win a seat. Under a plurality system, a nominee could win a seat by receiving more votes than any other nominee, not necessarily a majority of votes cast.
Home Depot said its shareholders rejected the other stockholder proposals before them at their annual meeting, such as a request for the company to prepare a diversity report on its work force, according to its proxy.
Home Depot shares closed up 43 cents at $38.55 on the New York Stock Exchange, where it has traded between $37.14 and $43.98 over the past 52 weeks
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