Colgate Introduces New Proxy Access By-Law Amendments

Colgate-Palmolive Company (NYSE: CL) on Thursday announced that its Board of Directors approved an amendment to the company's by-laws.

According to Colgate-Palmolive, the new by-law provides shareholders with a new "proxy access" right to nominate director candidates. The company noted that a shareholder (or a group of up to 20 shareholders) that owns at least 3 percent of the total outstanding common stock for at least three years could submit director nominees for either two directors or 20 percent of the Board.

Separately, Colgate-Palmolive declared a quarterly cash dividend of $0.38, continuing its streak of paying uninterrupted dividend on its common stock since 1895.

Shares of Colgate-Palmolive were trading lower by 0.13 percent early Friday morning and are lower by more than 7 percent over the past year.