Wednesday, July 30, 2008

So what does Shamrock have against Panera?

Apparently, Shamrock wants:

* the adoption of a majority voting standard for the election of Panera's directors,
* elections to be held annually, and
* the conversion of Panera's class B common stock, with their three votes each, into class A stock.

As an index of my own continuing naivete, let me admit: when I first read this list, I thought to myself "what supermajority is now required to elect a director?" My assumption, in other words, was that this was like arguing that treaty ratification in the US Senate should work by a majority standard. That would make ratification easier.

Actually, Shamrock's concern isn't that it's too difficult to get elected to the board of Panera, but that it's too easy. A mere plurality sometimes will suffice.

I live and learn.

I'm afraid I've got no further inspiration. I'm going to break for the week now. Meet me on Pragmatism Refreshed tomorrow if you'd like, or wait for my return here Sunday.

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