Macerich Co. moved to give its shareholders the power to amend the company's bylaws via an affirmative majority vote.
The regional mall landlord said its largest shareholders' input was taken into consideration in adopting the change, which reflects the board's focus on governance best practices.
Under the new bylaws provision, a bylaws amendment proposal may be submitted for approval at an annual or special meeting by a shareholder, or a group of up to 20 stockholders, owning at least 1% of Macerich's outstanding voting stock continuously for one year or more.
