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Boeing's board of directors blocked a shareholder's proposal to bring its headquarters back to Seattle, The Seattle Times reported.
The manufacturer has faced increased scrutiny since a 737 Max 9 operated by Alaska Airlines lost a door plug in midair.
The Federal Aviation Administration released the findings of its resulting investigation into Boeing on Monday. It said there is "a disconnect between Boeing's senior management and other members of the organization on safety culture."
Many critics have pointed to Boeing moving its headquarters to Chicago in 2001 as the start of a decline. The company is now headquartered in Virginia, and the 737 Max factory is near Seattle.
Walter Ryan — an 83-year-old who owns 10,000 Boeing shares worth around $2 million at current prices — holds that view, according to The Seattle Times.
The newspaper reported he bought the shares after the first 737 Max 8 crash. Boeing stock is down 40% since then.
Ryan proposed it move back to Seattle to send "a meaningful signal Boeing credibly intends to resume its position at the top of the commercial airplane business," per The Seattle Times.
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"Boeing became an industry leader in commercial aviation because of the close working relationship between manufacturing, engineering, and management," he reportedly added in his proposal.
But shareholders won't get to vote on Ryan's proposal after a ruling from the Securities and Exchange Commission.
It agreed with Boeing's corporate secretary, John Demers, who asked the SEC to clarify whether it's allowed to omit the ruling. He cited previous rulings that shareholders can't be allowed to "micro-manage" a company, The Seattle Times reported.
Boeing did not immediately respond to a request for comment from Business Insider.
