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基拉夫 · 2023年12月17日

如题

NO.PZ2023090503000011

问题如下:

Which of the following board structures would most limit shareholders’ ability to effect a major change in the management of a firm?

选项:

A.

Majority inside, staggered

B.

Majority independent, staggered

C.

Majority independent, non-staggered

解释:

A is correct.

A board with a majority of inside directors could more easily resist outside change than one with a majority of directors who were independent of management. Also, a staggered board would allow only a portion of the directors to be voted out each year, so it would take several years to replace a majority of directors.

为什么majority inside会限制股东的影响能力呢

1 个答案

王琛_品职助教 · 2023年12月19日

嗨,爱思考的PZer你好:


1

Inside Directors 内部董事,主要由创始人,以及当前和之前的高管组成

Independent Directors 独立董事,代表的更多是少数股东的利益

2

题干的背景是要限制股东 limit shareholders

所以内部董事,相比独立董事,更容易限制股东能力

也请参考基础班讲义墨迹版 P85

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