Midway Though Proxy Season, Staggered Boards Falling Hard

Law360, New York (May 22, 2013, 9:16 PM EDT) -- Halfway through the 2013 proxy season, the staggered board — either a shield for self-serving directors or a pillar of good stewardship, depending on whom you ask — is continuing its swift march toward extinction.

Shareholders at 19 companies have approved measures to require directors to be re-elected every year, according to an update Wednesday from Harvard University’s Shareholder Rights Project, which helped organize the efforts. They join 42 companies that did so last year.

At another 13 companies, stockholders passed nonbinding recommendations. Only one vote...
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