Staples board to propose removal of supermajority voting provision

By Lisa Kerner

Charlotte, N.C., Sept. 13 - The board of directors of Staples, Inc. agreed to propose an amendment to the company's charter to remove supermajority voting provisions at the request of an unnamed shareholder.

Specifically, the amendment would remove provisions requiring that holders of at least two-thirds of Staples' outstanding voting stock approve certain "significant corporate transactions."

Holders of at least two-thirds of Staples' outstanding voting stock must approve the proposal at the 2008 annual meeting in order for it to pass, according to a company news release.

Staples is an office superstore based in Framingham, Mass.

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