Realty Income Corp. amended its bylaws to include provisions on proxy access and the process of changing the company's bylaws.
The proxy access provision allows qualifying stockholders, or a group of up to 20 stockholders, that have continuously owned at least 3% of Realty Income's stock for at least three years to nominate up to the greater of two board members or 20% of the board for election, provided certain requirements are met, beginning with the company's 2019 annual meeting.
Under the provision governing changes to the company's bylaws, shareholders may amend the bylaws via a majority vote pursuant to a binding proposal submitted by any shareholder or group of up to five stockholders holding 1% or more of the outstanding shares of the single-tenant triple-net-lease real estate investment trust's stock continuously for at least one year.
