For the first year on record, management submitted more proposals to repeal classified boards than did investors. That’s according to Subodh Mishra, a researcher at Investor Responsibility Research Center, who told Compliance Week that—in the first half of the year—companies filed about 60 proposals to declassify their boards, compared to roughly 50 shareholder resolutions calling for similar action.
Among the companies that recently filed proposals to declassify their boards—and received majority support—were Procter & Gamble, Raytheon, Prudential Financial, NorthropGrumman, TJX, Duke Energy and Goldman Sachs.
