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Q I have lived in the same co-op apartment for six years now, and each May I receive a packet including the building financials and a proxy ballot for the board of directors' election.
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AFTER decades of being shut out of the director election process by the Securities and Exchange Commission, shareholders scored a big win last week.
"Particularly when there's a local employee director election – to ensure they are aware of the role and the good it can do.
In Wednesday's director election, nearly 40% of shareholders voted against him.
Many companies now elect their boards annually, as opposed to "staggering" director elections every year, making it easier for dissidents to gain control.
Seeming to endorse the activist view, the SEC recently proposed modest changes to its rules governing director elections.
CommonWealth, he said, had moved to emulate a Securities and Exchange Commission proposal, which never went into effect, related to director elections.
Companies are already moving to a majority-voting system for director elections; that process should go faster.
Companies still rely heavily on it and so do the powerful proxy advisory services that suggest how shareholders should vote on pay practices and director elections.
Mrs. Soss & several s stockholders had proposed that the company adopt for i its director elections the system called cumulative voting.
Yet boardroom fears of this "revolution" seem a tad overblown.The vast majority of director elections in America are uncontested: board-nominated candidates run unopposed.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com