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From Times Staff and Wire Reports

Sears Reports Corporate Rule Changes: Sears, Roebuck & Co. announced several changes in its corporate rules in response to a revolt by angry shareholders at its annual meeting a month ago. Among the new policies, effective immediately, are full confidentiality in shareholder voting. Sears previously had a policy of limited confidential voting. Among other new measures adopted by Sears is a requirement that directors acquire and hold at least 1,000 shares of Sears common stock. Previously, there was no ownership requirement. The new measures also provide that members of the nominating committee of the board will be outside directors. And the new retirement age for company directors and trustees of its profit-sharing fund is 70, down from 72.

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