Pentair announces plan to implement proxy access
Pentair announced it is planning to submit to a vote of shareholders at its 2017 annual general meeting amendments to its articles of association to implement proxy access. The amendments to the articles of association will become effective immediately after the 2017 annual general meeting if approved by shareholders. Proxy access allows eligible shareholders to place their own director nominees on the company's proxy card, along with candidates nominated by the company's board of directors. The amendment to the Pentair articles of association would provide that individual shareholders or groups of shareholders who hold 3% or more of outstanding Pentair shares for at least three years and comply with specified procedural and disclosure requirements could include in Pentair's proxy materials shareholder-nominated director candidates. The number of shareholder-nominated director candidates would be limited to the greater of two or 20% of the directors then serving.