Governance watchdogs take fright as ‘zombies’ stalk US boardrooms

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Financial Times 1w ago

Governance watchdogs take fright as ‘zombies’ stalk US boardrooms - Financial Times

Quick Summary:

In the UK, the Financial Conduct Authority this year gave companies new power to adopt dual-class share structures, which give special powers to select shareholders.

This year, activist Ancora attacked the company and demanded board seats, arguing that its board employed “shareholder-unfriendly policies”.

Other companies with zombie director votes this year include AO Smith, which makes water heaters, Veeva Systems, a cloud-computing company, and the parent company of the Samuel Adams beer brand.