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Invesco shareholders approve elimination of supermajority voting standard

Invesco Ltd. shareholders voted to eliminate the supermajority voting standard at the company's annual general meeting of shareholders.

The vote was about 243 million votes in favor versus about 57 million votes against the proposal.

Supermajority voting requirements are correlated with negative company performance and can be used to block initiatives supported by most shareholders, the stockholder proposing the change wrote in Invesco's March proxy filing.

The board took no position and made no recommendation on the proposal at the time.