Issue link: https://digital.shearman.com/i/1512772
Shearman & Sterling LLP 93 | IPO Governance Practices Governance Practices Adopted by IPO Companies 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 78% 44% 75% 89% 83% 85% 81% 62% 91% 85% 82% 83% 88% 89% 40% 94% 80% 87% 86% 85% 85% 92% 97% 82% 83% 82% 90% 92% Adopted a classified board Did not provide stockholders with the right to call special meetings Required a supermajority vote for certain amendments to the certificate of incorporation* Did not provide stockholders with the right to act by written consent 92% 92% 94% 81% 92% 99% 98% Plurality voting in uncontested director elections 10% 19% 39% 25% 28% 22% 36% Multi-class equity structure * Of the 20 companies that require a supermajority vote, 95% have a 5% supermajority threshold, none has a 75% threshold, and 5% have other thresholds. 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022