MICRON TECHNOLOGY, INC. | Right of Shareholders to Call Special Meetings at Micron Technology, Inc.

Status
Filed
Previous AGM date
Resolution details
Company ticker
MU
Lead filer
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Technology
Company HQ country
United States
Resolved clause
RESOLVED : A more reasonable shareholder right to call for a special shareholder meeting, as called for in this proposal, can help make shareholder engagement more meaningful. A shareholder right to call for a special shareholder meeting will help ensure that the Micron Technology Board and management engages with shareholders in good faith because shareholders will have a viable Plan B of calling for a special shareholder meeting.   
Supporting statement
Companies like to claim that shareholders have multiple means to communicate with management but in most cases these means are as effective as mailing a letter to the CEO. To guard against the Micron Technology Board of Directors becoming complacent shareholders need a more reasonable ability to call a special shareholder meeting to help the Board adopt new strategies when the need arises. Micron seems to be in somewhat of a slump. After Micron?s impressive stock price performance from 2016 to 2024 the stock price has been flat in the year leading up to the submittal of this proposal in spite of a robust stock market. There is no concern that allowing 10% of shares to call for a special shareholder meeting, as called for in this proposal, is too easy. It is almost unheard of for any special shareholder meeting, called for by shareholders, to ever occur at any company even though a significant number of companies allow 10% of shareholders to call for a special shareholder meeting. The reason to have this right is that with this right in place companies are more likely to engage productively with their shareholders because shareholders have an alternative ability to call for a special shareholder meeting. On the other hand with the widespread use of online shareholder meetings it is much easier for a company to conduct a special shareholder meeting for important business matters and Micron bylaws need to be updated accordingly.

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