Growing shareholder unrest over corporate limits on voting rights to change bylaws or oust board members took a new turn with a suit by a Michigan pension fund against Axcelis Technologies Inc. for ignoring a vote to remove two board members last year.
The suit, filed on April 2 in Delaware Chancery Court, is the latest wrinkle in the trend toward pressuring corporate boards to relinquish more power to shareholders frustrated by arcane voting procedures.
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