By: Jennifer Saba
The board of directors at the New York Times Co. has amended its bylaws regarding the nominations of directors, according a Nov. 19 Securities and Exchange Commission filing.
Under the new rules, effective immediately and impacting the 2010 annual meeting, stockholders making proposals or nominations must disclose all “ownership interests, hedges, short positions, economic and profit incentives and rights to vote” with regard to the New York Times Co. and for those disclosures to be accurate and up to date during the annual meeting.
Additionally, the board approved requirements of shareholders who make proposals or nominations to “provide a reasonably detailed description of all agreements, arrangements and understandings between proposing persons and other stockholders of the Company in connection with the proposed business or nomination.”
On Thursday, New York Times major shareholder Harbinger Capital Partners disclosed to the S.E.C. that it reduced its stake in the company from 16.3% to 14.6%.