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At the annual meeting in 2012, however, a majority of shareholders voted to declassify Urban Outfitters' board, which would require directors to stand for election each year.
In March, in the latest move toward a more transparent corporate culture, the stock exchange announced plans to require directors to disclose dealings in their companies' shares promptly.
[Page C1.] Several lawmakers have introduced legislation that would require directors of mutual funds, including board chairmen, to be more independent from the management of the funds.
These include simpler pay structures that require directors to hold more shares, as well as the publication of a fair pay charter outlining the company's ethos on remuneration.
"And the bylaws of many co-ops in New York City do not require directors to reside in the building," Mr. Metsch said, adding that many bylaws do not even require a director to hold shares.
They would require directors of funds to perform annual evaluations of their effectiveness and would permit them to hire their own staff so they would not rely too heavily on the fund's investment advisers.
Similar(50)
Generally speaking, the construction of interlocking directorate network requires directors, supervisors, or senior managers to serve on no less than two companies.
Chesapeake requires directors receiving less than majority support to tender their resignations, which they did.
Specifically, it requires directors to have "a view to safeguarding jobs".
Federal law requires directors of nonprofit organizations to investigate accusations that charitable money has been misused.
"It would be nice if funds required directors to own significant investments in funds they direct," he said.
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