staggered directorships


Also found in: Financial.

staggered directorships

pl n
(Economics) commerce a defence against unwelcome takeover bids in which a company resolves that its directors should serve staggered terms of office and that no director can be removed from office without just cause, thus preventing a bidder from controlling the board for some years
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
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Sealed Air wanted to end staggered directorships, let the shareholders remove directors with written consent, and strike down a clause requiring 80 percent of stock holders' votes for a bylaw to be changed.
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