CBRE Group Inc. is proposing to amend its charter to reduce to 25% the share ownership threshold required for stockholders to request a special meeting.
Shareholder John Chevedden, however, plans to propose that CBRE give holders of an aggregate of 10%, or the closest percentage to 10%, of the company's outstanding common stock the power to call special meetings.
CBRE said its board is urging shareholders to reject the shareholder proposal as it conflicts with the company's proposed charter amendment. The board argued that the company's proposal is better suited to stockholders' needs and aligns with prevailing corporate governance best practices for public companies.
The board also contended that "special meetings can be abused if exercised by a small minority of stockholders and therefore be disruptive to our overall stockholders and business operations and can cause us to spend substantial and unnecessary time and expense," CBRE said in a filing.
The company's proposal and the shareholder proposal, if properly presented, will be up for consideration at the May 18 annual stockholder meeting.