Cabela's adopts new bylaws for board

AP News
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Posted: Dec 17, 2009 6:21 PM

Outdoor outfitter Cabela's Inc. has amended its bylaws to require a majority vote when electing directors.

Under the new standard, each nominee for election to the board must receive a majority of the votes cast in order to be elected. The new standard replaces the company's plurality standard, which mandated that nominees receiving the most votes would be elected regardless of whether those votes constituted a majority of the shares voted at the meeting.

Cabela's CEO Tommy Millner said the changes are intended to ensure sound corporate governance and generate better results for shareholders.

Cabela's shares fell 12 cents to close at $14.14.