Janus Capital ( JNS) said its board approved a new stock repurchase program that enables the company to buy back up to $500 million of its common stock.

The Denver-based mutual fund shop had $124 million remaining available under a prior buyback as of Dec. 31.

"Our board remains committed to returning value to our stockholders," Janus CEO and Chief Investment Officer Gary Black said in a press release Tuesday. "We continue to believe our stock is an excellent investment and that buying back shares is a good use of our capital."

Additionally, Janus said its board approved an amendment to the company's bylaws to require a director to receive a majority of the votes cast in an uncontested election. If they don't, the director will have to offer to resign.

Shares of Janus edged down 23 cents to $21.06.

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