BlackRock Proposes Proxy Access

(RTTNews) - BlackRock Inc. (BLK) said it will put forth a management proposal supporting the adoption of proxy access in its 2016 Proxy Statement. Proxy access gives long-term shareholders the ability to nominate their own director candidates on the company's proxy card.

Pending shareholder approval, the management proposal to amend the company's by-laws would permit a shareholder, or a group of up to 20 shareholders, to nominate up to 25% of the Board of Directors; provided the nominating shareholder(s), and their nominees, satisfy eligibility requirements specified in the company's by-laws.

Shareholders would be required to demonstrate economic ownership of at least 3% of BlackRock's shares outstanding for a period of at least 3 consecutive years. BlackRock defines "economic ownership" as having full economic interest in, including the opportunity for profit from and risk of loss on, such shares.

BlackRock's management proposal will be voted on at the company's Annual Meeting of Shareholders in May 2016.