Retail in Asia

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McD’s shareholders approve new director-nomination rules

McDonald’s Corp shareholders on Thursday approved a proposal that would make it easier to nominate directors to the board of the fast-food chain, which is in turnaround mode after losing customers and sales to competition and after internal missteps.

Investor support for such new director nomination rules, referred to as "proxy access," is growing.

The proxy access thresholds approved at McDonald’s would allow groups of shareholders holding at least 3 percent of company stock for at least three years to be able to list director candidates on company proxy materials. That would give longer-term shareholders with limited resources more power to hold directors accountable, according to Meredith Miller, chief corporate governance officer of UAW Retiree Medical Benefits Trust.