A proposal to increase authorized shares of capital stock from 170 million to 5 billion was approved by the company's investors in an annual meeting on Tuesday in Los Gatos.

Shareholders also approved non-binding proposals to elect board members annually. The proposal, which has now been approved by the investors, would offer stockholders with 3% or more of the stock for three continuous years to nominate up to 25% of the board members.

In April, Company's CEP Reed Hastings said that he has planned to propose a stock split to the board. According to him, a lower price would make the stock more accessible. At that time, Netflix said that it didn't have any plans to issue shares for mergers or to raise money.

The company had been urging investors to enhance the authorized shares outstanding to about 5 billion from the 170 million authorized, including preferred stock.

Investors elected three new members to the company's board. These include Richard Barton, executive chairman of Zillow Group; Brad Smith, Microsoft's general counsel; and Anne Sweeney, former president of the Disney/ABC Television Group.

The company is the top performer on the Nasdaq 100 .NDX this year. Its shares nearly doubled to close at $647.15 on Tuesday.

Netflix rose 3.2% o $647.15 at the close in New York. The stock has gained 89% this year, giving it a market value of $39.2 billion.

Since company's growth has slowed down in the US, Netflix has been focusing on international expansion.