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Despite increased investor scrutiny of directors' qualifications and tenure, support for director elections continues to rise.
Mr. Foerster, the former fund director, said that disclosure of directors' qualifications, employment history, compensation and detailed ownership in the fund should appear in all fund literature.
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Market practices are continuously developing including, for example, the addition of new director qualifications, exclusive forum bylaws, and details of advance notice and proxy access provisions.
It will cut the number of board members from 18 to 11 and create a board of directors who have qualifications suited to running the business.
Director qualifications.
Corporate finance and accounting were the most common director qualifications.
In many ways, this year's U.S., Spencer Stuart Board Index highlights the push-and-pull of corporate boardrooms: there is demand for novel director skills and backgrounds, yet parameters around director qualifications and director refreshment stifle immediate change in the boardroom.
The bylaw amendment adopted by the board that defines qualifications of directors appears to meet this test, Mr. Weinstein said.
Michael W. Peregrine, a lawyer specializing in nonprofit affairs, said: "There are many organizations having to deal with the broad issue of the qualifications of directors and the continuing ability to serve of directors who are implicated directly or indirectly in these corporate situations.
Kathleen L. Casey, one of the commissioners, said she opposed some of the new requirements, like added information on qualifications of directors and candidates for the board, that she said could be "unduly burdensome".
The exam board's director of qualifications, Clara Kenyon, suggested that schools should follow the example of the popular Channel 4 book club run by Richard Madeley and Judy Finnigan.
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