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BankUnited stockholder proposal seeks majority vote standard in uncontested director elections

Miami Lakes, Fla.-based BankUnited Inc.'s board is seeking shareholder approval foran amendment to its bylaws that would eliminate the "only for cause" standardfor removal of directors, according to a preliminary proxy statement filed April1.

The amendment will allow removal of directors with or withoutcause by the affirmative vote of the majority of stockholders entitled to vote.

The filing also noted a proposal from the California StateTeachers' Retirement System, which seeks to change the plurality vote standard tomajority vote standard for uncontested director elections and retain a pluralitystandard for contested director elections. CalSTRS owns 314,528 shares of commonstock as of Dec. 7, 2015, the company said.

Shareholders will vote on these proposals, and other matters,at the annual meeting scheduled for May 18.