eBay Announces Elimination of Supermajority Voting Requirement in Bylaws
eBay Inc. (NASDAQ: EBAY) today announced that, at the first regularly scheduled meeting of the Board of Directors following eBay's 2011 annual meeting of stockholders, the Board has taken action to eliminate a supermajority voting requirement in its bylaws.
The Board's approval to amend eBay's bylaws, which is effective immediately, modifies the voting standard required for stockholders to amend eBay's bylaws from 66-2/3% to a majority of eBay's outstanding voting stock.
In addition, the Corporate Governance & Nominating Committee of the Board has recommended to eBay's Board that a proposal to declassify the Board be submitted to stockholders at eBay's 2012 annual meeting.
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