The board of Bridgeport, Conn.-based People's United Financial Inc. on Jan. 19 amended the company's bylaws to allow for proxy access.

Under the amendment, a shareholder or group of up to 20 shareholders that has owned a 3% stake or more in the company continuously for at least three years may nominate, and include in the company's proxy materials for an annual meeting, qualified director nominees constituting up to the greater of two individuals or 20% of the board.

According to a Form 8-K filed Jan. 24, qualified shareholders and/or shareholder groups may use the proxy access option beginning with the company's 2018 annual shareholder meeting.

Other amendments to the bylaws include the removal of the age restriction on directors.