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Kinder Morgan , Inc. (NYSE:KMI), a leading energy infrastructure company with a market capitalization of $61.1 billion and a strong track record of maintaining dividend payments for 15 consecutive years, announced on Monday that its Board of Directors has approved amendments to its bylaws, effective immediately.
According to InvestingPro data, the company maintains a GOOD financial health score, suggesting robust operational stability. The changes to the bylaws include several key modifications aimed at streamlining corporate governance and shareholder engagement processes.
The adjustments involve a revision of the procedural mechanics and informational requirements for stockholder nominations of directors. This includes defining specific terms, eliminating the obligation for stockholders to provide information about persons acting in concert with them, and setting a clear deadline for the submission of a director nominee’s questionnaire upon a proper request.
Another significant change is the stipulation that any stockholder seeking to solicit proxies must use a proxy card color distinct from white, which is now reserved solely for the Board’s use. This measure is intended to prevent confusion among stockholders receiving proxy materials.
The company has also clarified the default voting standard for stockholder actions, other than director elections, and confirmed that any different voting standard mandated by Kinder Morgan’s certificate of incorporation, bylaws, applicable stock exchange rules, or other laws or regulations will take precedence. Additionally, the impact of abstentions on the required stockholder vote in director elections has been further detailed.
In a move away from previous practice, the Board will no longer be required to elect the officers of Kinder Morgan annually. This change allows for more flexibility in the management of the company’s leadership.
Further non-substantial, technical, and conforming amendments were also made to the bylaws. These revisions are part of Kinder Morgan’s ongoing efforts to ensure its governance practices are in alignment with the best interests of its stockholders and comply with regulatory requirements.
The full text of the amended and restated bylaws was included as Exhibit 3.1 in the company’s SEC filing, providing transparency for investors and stakeholders interested in the specifics of the changes.
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