Waste management, inc. board of directors amends its by-laws

On november 19, 2019, waste management, inc. board of directors amended and restated the company’s by-laws to include a new section 2.16 that implements proxy access. section 2.16 permits a shareholder or group of up to 20 shareholders owning 3% or more of the company’s outstanding common stock continuously for at least three years to nominate and include in the company’s proxy materials director nominees constituting up to the greater of 20% of the board of directors or two individuals, provided the shareholder(s) and the nominee(s) satisfy the requirements specified in the amended and restated by-laws. the amended and restated by-laws also include conforming changes to reflect the adoption of the proxy access provision, as well as other changes intended to clarify and conform certain provisions of the amended and restated by-laws to the delaware general corporation law.
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