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粥粥 · 2024年11月01日

麻烦老师解释一下谢谢

NO.PZ2023090503000031

问题如下:

Which board structure would most limit shareholders' ability to make significant changes in the management of a firm?

选项:

A.

A non-staggered board with a majority of independent directors

B.

A staggered board with a majority of independent directors

C.

A staggered board with a majority of inside directors

解释:

C 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.

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1 个答案

Kiko_品职助教 · 2024年11月04日

嗨,爱思考的PZer你好:



题干的背景是,问以下哪种董事会结构最能限制股东对公司管理层进行重大变革的能力?

分别考查两个考点

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

所以内部董事,相比独立董事,更容易限制股东能力


staggered board 是指董事会分成若干组,规定每一组有不同的任期,即使每年都有一组的董事任期届满,每年也只有任期届满的董事被改选,不会出现一下改选所有董事的情况,所以 staggered board 相比之下,更能限制股东能力。 

所以选C。staggered board with a majority of inside directors

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