Caterpillar shareholders approve voting changes

Shareholders of equipment maker Caterpillar Inc. have approved a couple changes to the company's voting rules and tweaked its long-term incentive plan.

The Peoria, Ill. based Caterpillar will now amend its bylaws to require annual election of directors and so only a simple majority of shareholders will be required. Locally, Cat has operations in Montgomery.

Shareholders voted Wednesday to add another 20 million shares to the company's long-term incentive plan, so Caterpillar will have enough shares available to provide incentive grants to employees.

But three proposals submitted by shareholders were rejected. Those would have required an independent board chairman, a review of company policies to incorporate humanitarian standards, and a new provision allowing shareholders to call a special meeting.