That calculus changed on November 10, 2016 when GAMCO Investors, Inc. and its affiliated funds disclosed that they had nominated an individual for election to the board of directors of National Fuel Gas Company pursuant to the company's recently adopted proxy access bylaw. GAMCO has beneficially owned more than 5% of National Fuel Gas since 2010 and has taken an activist role, advocating for the spin-off of certain operations including through a shareholder proposal at the company's 2015 annual meeting. Mario Gabelli, Founder, Chairman and CEO of GAMCO, tweeted on November 14, 2016, that "proxy access was a friendlier approach than a proxy contest at National Fuel Gas." The company subsequently announced that it would not include GAMCO's nominee in the proxy statement, because only stockholders that acquire their shares "in the ordinary course of business and not with the intent to change or influence control" of the company are eligible to nominate a proxy access candidate under the company's bylaws.