True corporate democracy does not exist in America and as a result many unfit chief executives are not held accountable. Poison pills and other board tricks disenfranchise stockholders. As a result entrenched chief executives and boards of directors may be protected even if they are ineffective.Carl Icahn in Carl Icahn Attacks Companies That Protect 'Unfit' Chief Executives
Given the diminished pervasiveness of poison pills and other traditional defenses for corporate control, unequal voting rights have been transformed from a seldom-seen defense to one of the most effective ways to cement control.In Controlled Companies Generally Underperform and Boards Less Diverse, New Study Finds