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Massey's shareholders to vote on reforms

RICHMOND, Va. — Troubled coal producer Massey Energy is preparing for a shareholder vote on corporate governance reforms.

The vote is set for a special meeting Wednesday in Richmond.

Shareholders are being asked to approve changes including declassifying Massey’s board of directors and eliminating a prohibition on stockholders requesting special meetings.

Massey has made a series of similar changes this year. The company has been under pressure from some shareholders following the deadly Upper Big Branch mine explosion.

The April 5 blast killed 29 miners and injured two others at the Massey mine in southern West Virginia. It is the deadliest U.S. coal mine explosion since 1970 and the target of civil and criminal investigations.

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