Staggered boards Sample Clauses

Staggered boards. Firms with a staggered board do not hold annual elections for every director on the board, instead, they select directors for several years at a time (usually three), and only one third of the directors are elected in a certain year (Xxxxx et al., 2010). This practice, which a majority of public companies now have, is commonly used to protect the firm against a hostile takeover. The potential acquirer cannot quickly take control of the firm. Staggered boards provide protection to the firm because a hostile bidder has to wait at least one year to take control over the board and the bidder is obliged to win two elections spread in time rather than a single referendum on its offer. However, there is also evidence that firms with staggered boards have lower performance than other firms. When they destagger, introduce annual elections again, firm value should increase (Xxxxx et al., 2010; Xxxxxxxx, Xxxxxx IV, & Xxxxxxxxxxx, 2002).
Sample 1
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Related to Staggered boards

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