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Simple English definitions for legal terms

staggered board of directors

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A quick definition of staggered board of directors:

A staggered board of directors is a group of people who are elected to make important decisions for a company or organization. Their terms of service overlap, so only some members are voted on in each election. This means that not all members of the board change at the same time. Some members serve for two or more years, and their terms expire at different times. This type of board is also called a classified board of directors.

A more thorough explanation:

A staggered board of directors is a type of board of directors where the members' terms of service overlap so that only part of the board's makeup is voted on in any single election. This means that not all members of the board are up for election at the same time.

For example, let's say a company has a board of directors with nine members. If the board is staggered, three members might be up for election every year, with each member serving a three-year term. This means that only one-third of the board is up for election each year.

Staggered boards are often used by companies to provide stability and continuity in their leadership. By having only a portion of the board up for election each year, the company can ensure that there is always some level of experience and institutional knowledge on the board.

However, staggered boards can also make it more difficult for shareholders to make changes to the board. If a shareholder wants to replace a majority of the board, they may have to wait several years to do so.

Overall, staggered boards are just one way that companies can structure their boards of directors. The decision to use a staggered board or not will depend on the specific needs and goals of the company.

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HopefullyInLawSchool
13:48
Some schools rject
13:49
Thanks! I couldn't find any reddit thread about it lol
13:49
but just means now I have to wait for the rejection from Davis
glovediedthisishismom
13:53
i just wanna rock
glovediedthisishismom
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bodyadaya
13:53
let it rock
14:17
How are the vibes heading into thanksgiving yall?
HopefullyInLawSchool
14:17
@Law-Guy Im feeling kinda happy I applied YM to UCI hoping it helps (:
Wanna give some head
soap
14:18
Cornell
14:19
@HopefullyinLawSchool What's YM?
14:19
oh no
HopefullyInLawSchool
14:19
you mom
WorthlessAttractiveZombie
14:19
Ouch
HopefullyInLawSchool
14:19
your*
14:19
I fear I realized too late
babycat
14:20
another victim claimed
concorde
14:22
pwned
14:22
Might have to send in addendums for that
Dkk
14:26
No wave, so sad.
WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
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