Sherwin-Williams to pay dividend of 39 cents

CLEVELAND -- Sherwin-Williams Co. said Thursday a quarterly dividend of 39 cents per share, payable on Nov. 30 to shareholders of record as of Nov. 16.

The amount is unchanged from the company's previous quarterly dividend.

In addition Sherwin-Williams's board voted to submit a proposal to shareholders to adopt a majority voting standard for electing board members in uncontested elections. The proposal will be presented at next year's annual meeting. A majority voting standard would replace the current plurality voting in uncontested elections. Plurality voting would continue to apply in contested elections of board members.

A majority constitutes more than 50 percent of the total votes going to a single candidate. A candidate has a plurality if he or she gets fewer than 50 percent of the votes but more than any other candidate.

Sherwin-Williams's brands include Dutch Boy, Minwax and the namesake paints.

Sherwin-Williams shares fell $1.18 to close at $153.03.