FILE PHOTO: The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson/File Photo

(Reuters) – Netflix Inc on Wednesday amended its bylaws to allow its shareholders with a 3 percent stake to nominate board members, a year after shareholders voted in favor of such a proposal, known as proxy access.

The video streaming company said on Wednesday that a shareholder, or a group of up to 20 stakeholders, owning at least 3 percent of its outstanding shares for at least three years may nominate up to two directors, or can have a representation of up to 20 percent of the company’s board.

“The board periodically reviews our corporate governance, and determined that adopting proxy access is appropriate