US - CalPERS has gained support from three proxy advisors to call for the annual election of board members to Standard Pacific after placing the company on its watch list.
In a statement, Egan Jones said: "Under the current structure, shareowners can only vote on a portion of the Board at any given time.
"We believe that the election of directors is an important means for shareholders to influence corporate governance policies and for the board to reiterate its commitment to good corporate governance and accountability to shareholders."
RiskMetrics continued said: "Managements argue that staggered boards provide continuity and stability, but empirical evidence has suggested that such a structure is not in shareholders' best interests from a financial perspective."
In March, the $240bn California Public Employees' Retirement System (CalPERS) placed Standard Pacific on its focus list citing underperformance and board structure.
In April, CalPERS urged fellow shareholders to vote to change a similar board structure at Hilb Rogal & Hobbs (www.globalpensions.com 23 April 2008)
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