Legg Mason Inc. changed its bylaws Friday to require that board directors running in uncontested elections receive a majority of shareholder votes to win. Previously, directors on the 14-member board needed only a plurality. That means in uncontested races, a director could be elected with a single vote, said spokeswoman Mary Athridge. She said the change has nothing to do with billionaire Nelson Peltz, an activist investor who joined the board of the Baltimore-based investment company last year. Legg is responding to a shareholder proposal made during the company's annual meeting in July, Athridge said, adding that more companies are moving to majority votes in uncontested elections.

- Eileen Ambrose