Massey shareholders approve changes aimed at beefing up corporate governance

Massey shareholders approve governance rules

RICHMOND, Va. — Troubled coal mine operator Massey Energy Co. says shareholders approved a series of corporate governance reforms.

Massey says changes including requiring board members to stand for election annually were approved in voting Wednesday in Richmond, Va. Shareholders also passed measures that eliminated rules requiring 80 percent shareholder approval for acquisitions and bylaw changes and a bar on shareholders requesting special meetings.

A measure that would have changed the way shareholders cast votes for board candidates failed.

Lead independent director Bobby Inman says the changes will benefit stockholders.

Shareholder pressure has grown since an April 5 explosion killed 29 miners at Massey’s Upper Big Branch mine in West Virginia.