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Banc of California shareholders approve amendment regarding authorized shares

Banc of California Inc.'s shareholders on May 31 approved an amendment in the company's articles of incorporation to eliminate the board's ability to change, without shareholder approval, the number of authorized shares of the company's stock.

The proposal received 41,406,103 votes for and 354,163 votes against, according to a Form 8-K filed.

The Santa Ana, Calif.-based company's shareholders also approved Banc of California's 2018 omnibus stock incentive plan.

The Institutional Shareholder Services had earlier recommended a vote against the plan, stating that its cost and three-year average burn rate are "excessive" and that the plan "allows broad discretion to accelerate vesting."