Netflix (NASDAQ:NFLX) shareholders have voted to restructure the company’s board in a move that could leave it more vulnerable to a takeover. In a filing last week with the Securities and Exchange Commission, shareholders were shown to have voted 26.8 million in favor versus nearly 9 million opposed to the change.
Until now, Netflix’s board has been organized in a classified structured, which means that board members serve unequal, overlapping terms as opposed to all members coming up for reelection at the same time each year. Though the vote is non-binding, it will put pressure on Netflix to adopt the new measure. CEO Reed Hastings stated his preference ahead of the vote to keep Netflix independent, and urged shareholders for a no vote.
Shareholders also voted to make the convening of special shareholder meetings easier to conduct, again going against the company’s urging.
Richard Burton, the founder of real-estate site Zillow (NASDAQ:Z), was reelected to the board by an overwhelming majority — 31.4 million to 4.5 million. Burton has served as Netflix director since 2002.