Bob Evans Announces Bylaws Amendments - Quick Facts

(RTTNews) - The Board of Directors of Bob Evans Farms, Inc. (BOBE) Tuesday said it will lower the voting threshold required for stockholders to amend most provisions of the Bylaws from 80 percent to a majority vote of the shareholders.

The sole exception to the majority vote standard would be those provisions that required an 80 percent stockholder vote for amendment pursuant to the Bylaws as last amended by the stockholders at the 2011 annual meeting.

Additionally, the Board is also proposing to eliminate the concept of continuing directors and the corresponding restrictions on the Board from taking certain actions without their consent.

The board also wants to eliminate provisions that would prohibit a director-nominee from receiving compensation, reimbursement or indemnification from any person other than the company in connection with service as a director of the company.

"Our Board is committed to the highest corporate governance standards and believes that these amendments to our Bylaws and proposed other governance changes will serve the best interests of all stockholders," said Steven Davis, Chairman and CEO of Bob Evans.

The company will also propose a number of governance changes to be voted on by stockholders at the 2014 annual meeting.