Time Warner scraps rules allowing investors to call meetings - FT.com
This was an action by the company's management. Can they do that? It seems to me that only the Board of Directors can change the bylaws. Why doesn't the management just cancel all future board meetings if they can change the bylaws without the Board?Time Warner, which last week knocked back a $73bn approach from Rupert Murdoch’s 21st Century Fox, has changed its bylaws in a move designed to block a potential hostile takeover.
The decision to scrap a rule allowing investors to requisition a shareholder meeting will strengthen Time Warner’s ability to resist Mr Murdoch’s overtures even if its investors want a deal to be considered.