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.

Classified Board

A board of directors where members start their terms at different times and only a certain number are elected in a given year. For example, a board of directors may have 10 members serving five-year, staggered terms where two new members are elected each year. In addition to giving the board consistency in its membership, a classified board makes hostile takeovers more difficult because the potential acquirer can replace only so many directors at a time.

classified board

A corporate board of directors whose members are elected to terms that expire in different years. A classified board makes it more difficult for a new owner to assume control in a takeover. See also staggered terms.

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References in periodicals archive ?

Prasad will be a Class III director on Townsquare's classified Board and will be up for re-election at the company's 2020 annualshareholders' meeting.

Townsquare's co-CEOs Added To The Board

Model 1 includes the board variables: CEO/COB duality, board size, board independence, and classified board, while Models 2 and 3 include ownership variables and compensation variables, respectively.

On lawsuits, corporate governance, and directors' and officers' liability insurance

Finally, we examine one of the most powerful takeover deterrents, the combination of a classified board and a poison pill.

Tradeoffs between internal and external governance: evidence from exogenous regulatory shocks

Separately, TPG-Axon submitted proposals for stockholder approval at the Company's upcoming Annual Meeting, including nominating three Board candidates to replace the incumbents up for reelection, eliminating the classified Board structure, and removing all incumbent directors.

TPG-Axon Reminds SandRidge Energy Stockholders to Submit Green Consent Cards before March 15th Deadline

Classified board membership is built on staggered terms, which often can be used as a defensive measure to hold off a potential hostile takeover.

Record-high votes for board declassification

The stockholder meeting has approved management's proposals relating to corporate governance matters, including the removal of the company's classified board of directors, reduction of the vote requirements for certain actions needing stockholder approval, and annulment of the limitation on stockholders' ability to vote shares in excess of specified ownership thresholds, it said.

-Pacific Premier Bancorp receives shareholder approval for proposals

Because our study is related to agency costs, the presence of a classified board may be germane.

Delaware incorporation and the board of directors

Advertisers that submit a listing to any edgeio Classified Board also may create, schedule, and pay for an ad listing for publication in print and/or online versions of participating geographically relevant newspapers.

Edgeio Classified Boards to Utilize AdStar Technology

Also at the meeting stockholders approved the declassification of the company's board and elimination of the supermajority vote requirement for reinstating a classified board.

Longs board tabs Dashe lead director

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 - Amgen Inc.

BRIEFCASE

Lee said that it saw gains all across the classified board, with real estate revenue up 9.

CLASS KICKING BACK IN? NATIONAL BACK FROM DEAD? Early January reports at JRC, Lee, SSP give glimmer of hope

66) for different classes of stock to convert into a single class at a particular date; (67) for a classified board as of a certain date (68) or one that ceases after a certain date; (69) or for the corporation itself to terminate at some particular time and enter into liquidation.