Tidligere har tolv år i samme bestyrelse været ensbetydende med, at man som bestyrelsesmedlem ikke længere blev anset for at være uafhængig. Amerikansk advokatfirma skriver i notat, at ”Proxy advisory firms and institutional investors increasingly view tenures over nine years as too long, questioning the independence of directors who have served longer than that. Board refreshment is a frequent demand of activists, so companies may find themselves vulnerable to activist campaigns if they have very long-serving directors. As boards review their own composition for skills and other attributes, they should explain to investors the value that long-serving directors bring to the board. While few U.S. companies have formal tenure limits, age limits are more common but less favored by proxy advisory firms. U.S. activism remained elevated through the third quarter of 2024, with board refreshment a consistent demand by activists year after year. Central to the activists’ demands for board refreshment is director tenure.”
Morten W. Langer
