EBay unveils shareholder-friendly moves

Reuters News
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Posted: Jun 28, 2011 4:48 PM

NEW YORK (Reuters) - EBay Inc. announced two corporate governance changes on Tuesday that could give shareholders more of a say in the way the e-commerce company is run.

EBay said its board eliminated a supermajority voting requirement, which means most of eBay's outstanding voting stock is needed to change the company's bylaws. That compares to two-thirds of the voting stock before.

EBay's corporate governance and nominating committee recommended that a proposal to declassify the board be submitted at the 2012 annual meeting. If passed, this proposal would mean all EBay directors are up for re-election each year. The current classified board means only certain classes of directors are up for re-election each year.

(Reporting by Alistair Barr. Editing by Robert MacMillan)