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Legg Mason amends bylaws to adopt proxy access

Legg Mason Inc.'s board approved the company's amended bylaws to adopt a proxy access provision.

This provision allows a shareholder or a group of up to 20 shareholders who have continuously owned 3% or more of Legg Mason's outstanding shares for at least three years to nominate up to two candidates for election to the company's board or 20% of the number of directors then in office, whichever is greater.