3M Company (NYSE:MMM) – 3M Board Opposes Proposal for Shareholder Actions Without Vote

3M Co said its board opposed a proposal by shareholder James McRitchie to allow investors holding enough shares to take a particular action through written consent without putting it to a vote.

McRitchie and his shareholder activist ally John Chevedden proposed that such actions be approved without prior notice to other stockholders or the company, 3M said in a letter to stockholders. 

"The proposal would allow a group of stockholders to force fundamental changes on the company, such as a sale or replacement of the board of directors," Chief Executive Inge Thulin said in the letter.

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