AMC Entertainment Monday unveiled plans to change its board structure in an agreement with majority shareholder Wanda America Entertainment, a division of Dalian Wanda Group of China.Wanda holds nearly 60% of the voting power of financially strapped AMC through ownership of all the company’s super-voting Class B shares.
The nation’s largest theater chain said in an SEC filing that it’s amending its bylaws to change to a so-called classified board with staggered elections.
That means, instead of shareholders casting votes annually for all AMC directors, only a third will run each year.Companies have generally been moving away from staggered boards.
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