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Capital One requests ratification of shareholder meeting-related rule

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Capital One requests ratification of shareholder meeting-related rule

The board of Capital One Financial Corp. is asking shareholders to ratify the required 25% minimum stake for those wishing to call special shareholder meetings.

The 25% threshold had received shareholder approval in 2015, and the request for ratification follows a more recent stockholder proposal to lower the minimum to 10%. The SEC allowed Capital One to exclude the proposal from its proxy statement, but the company decided to call for a ratification vote as a means for shareholders to communicate their views.

The vote will be held at the May 3 annual meeting.

Capital One additionally disclosed a 2017 CEO pay ratio of 261 to 1. It paid Chairman, President and CEO Richard Fairbank $16.18 million in total compensation that year. The median for all other employees was $62,037.