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classified board |
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Classified Board Also known as Staggered Board: is one in which the directors are placed into different classes and serve overlapping terms. Since only part of the board can be replaced each year, an outsider who gains control of a corporation may have to wait a few years before being able to gain control of the board. This slow replacement makes a classified board an effective delays of takeovers. Sometimes known as a delay provision.
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announced Wednesday that the company's board of directors has voted to submit a proposal to stockholders that would eliminate the global defense company's classified board structure. The Board of Directors has amended the Company's Bylaws to phase out the Company's classified board structure beginning with the 2007 annual meeting, with all director nominees at the 2007 annual meeting and thereafter to be elected for one-year terms. As with the recent report from Institutional Shareholder Services (ISS), the Glass Lewis corporate governance analysis also points out that Delcath has both a classified board and a poison pill in place. |
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