staggered (classified) board
A board divided into classes elected in different years, so only a fraction of the seats turns over at each annual meeting; it slows takeovers and insurgent slates. A board elected all at once is not staggered.
In SpanishEn español
consejo escalonado (classified board)
Consejo dividido en clases que se eligen en años distintos, de modo que solo una parte de los asientos se renueva en cada asamblea anual; frena tomas de control y planillas disidentes. Si todos se eligen a la vez, no es escalonado.
ExamplesEjemplos
- With a staggered board, the raider needed two annual meetings to gain control. Con un consejo escalonado, el comprador hostil necesitó dos asambleas anuales para tomar el control.
AuthorityFuente: DGCL § 141(d); TBOC § 21.408
RelatedRelacionados: removal of directors, board of directors and officers
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