Staples eyes governance changes

Staples Inc. announced today that its board of directors has agreed to propose an amendment to remove supermajority voting provisions from the company's charter.

The Framingham-based retailer of office supplies said that the proposal is in response to a June 2007 shareholder request and that the proposal is "consistent with Staples' commitment to corporate governance best practices."

The proposed amendment would remove current provisions that require that holders of at least two-thirds of Staples' outstanding voting stock approve certain significant corporate transactions, Staples said.

The proposed amendment is expected to be submitted for shareholder approval at the company's 2008 annual meeting and requires approval by holders of at least two-thirds of Staples' outstanding voting stock, Staples said.
(By Chris Reidy, Globe staff)