Directors could be forgiven for feeling a bit insecure these days.
The move toward majority voting in uncontested elections of directors has picked up so much steam that even Wachtell Lipton, diehard defenders of corporate management, acknowledged earlier this year that it is likely to become universal. Meanwhile, the New York Stock Exchange has decided to eliminate the broker vote in uncontested elections, depriving companies of a block vote typically in favor of management nominees.
