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:
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. |