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Mandatory BoD Retirement or Say-on-Directors?

Mandatory BoD retirement comes up around this time each year, as shareholders consider BoD votes. This year, it has a higher profile, as huge institutions like State Street and BlackRock evidently started to vote against long-tenured directors. 

 

We know of three different versions of BoD retirement policies: 

  • mandatory retirement age 

  • vote against long-tenured directors 

  • mandatory term limits. 

We see a dilemma in how to think about these, similar to how to think about say-on-pay or shareholder empowerment. We don't really care for either, but we investors take each because it's all we can get. 

 

We explain further in our current blog post.

Recent TAI blog posts

 

At GM, A Short-Lived Activist Project (3/12/15 email)

What's a Universal Proxy, and Why Does Nelson Peltz Care? (3/10/15) 

Corporate Governance, the Icahn Way (3/3/15)

Board Committees (2/24/15)

At GM, The Year's Most Interesting Activist Project (2/17/15)

You can find other useful resources at the TAI website, including our research on "Effective Activism, on the Cheap", our new resource guides on attorneys for activist investors and on activist investing data sourcesour white paper with the basics on activist investing, and our new guides on exempt solicitationconsent solicitation, and special shareholder meetings. 
For further information, please contact:
 
Michael R. Levin
[email protected]
847.830.1479