Independent directors are meant to bring objective oversight to corporate boards, so why do many shareholders complain their voices aren’t heard? Conversation with Proxy Monitor, McKinsey & Co, the IRRC and the UK’s
In July, shareholder activists celebrated a significant victory. A little-known dissident shareholder named Guy Adams waged a proxy battle against Lone Star Steakhouse & Saloon and managed to unseat the company’s chairman. Adams had neither the stock (just 1,100 shares) nor the deep pockets to finance his fight, but he rallied the support of powerful investors and proxy advisors to win an unlikely victory. What was the issue that galvanized the attack against the underperforming Nasdaq
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