By Patrick Thomas

McDonald's Corp. (MCD) shareholders approved a proposal to shrink the authorized number of directors on the fast-food giant's board to between seven and 15 members.

About 99% of votes from McDonald's shareholders were for the company-backed proposal, according to the voting tally in a McDonald's securities filing. The company's board currently has 12 directors. The board could have had between 11 and 24 members under the previous authorization.

In its latest proxy filing, McDonald's said reducing the minimum size of the board would avoid having to quickly fill any unexpected vacancies in order to meet the requirement of having at least 11 directors.

The average number of directors on board of S&P 500 companies in both 2008 and 2018 was 10.8, McDonald's said in its proxy filing.

"Our board believes that an authorized range of seven to 15 directors will further enhance the effective functioning of the board," the company said in its proxy.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

May 30, 2019 12:12 ET (16:12 GMT)

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