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Endymion · 2024年03月27日

为什么staggered更能抵御重大改变呢

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staggered更能抵御重大改变呢

1 个答案
已采纳答案

王琛_品职助教 · 2024年03月28日

嗨,努力学习的PZer你好:


1

分期选举(staggered board),意味着董事会的成员被分成几组,每组在不同的年份进行选举,而不是每年对所有董事进行选举

这种安排使得在任何一次选举中,只有部分董事会成员面临更换的风险,从而减缓了股东对董事会整体构成的变动速度

2

由于分期选举的设置,即使股东对某些董事的表现不满,想要通过选举改变董事会的组成,也变得更加困难

因为每年只有部分董事面临选举,股东要想实现对董事会的全面变革,可能需要几年时间才能完成,这种延迟机制增加了外部投资者实施变革的难度

3

综上,分期选举实际上是一种保护现有管理层免受突然变动影响的机制,通过增加更换董事会成员的难度和时间,限制了股东在短时间内对公司管理层造成重大变化的能力

也请参考基础班讲义墨迹版 P88

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