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  "documentTitle": "Box, Inc. (BOX)",
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      "text": "Box took stockholder-unfriendly actions even before becoming a public company",
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      "text": "Box has several stockholder-unfriendly governance provisions and has failed to take meaningful and proactive actions to address many of these issues.\nAt the time of its IPO, Box had a dual-class stock structure...\nIn addition, shortly ahead of its IPO, Box implemented several new governance mechanisms that reduced the rights of common stockholders.",
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      "text": "Several new charter and bylaw provisions were implemented at the time of the company's IPO on Jan. 23, 2015... - ISS 2016 Report",
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      "text": "The Company's governance structure includes several provisions that significantly limit the rights of outside Class A shareholders... - Glass Lewis 2015 Report",
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      "text": "Several new charter and bylaw provisions were implemented at the time of the company's IPO on Jan. 23, 2015, which fall short of what many investors would consider best governance practice. These provisions include a vote requirement of 80 percent of the outstanding shares to amend certain provisions of the charter and/or bylaws; a classified board structure; no special meeting right; and no right to act by written consent... In this case, the company first disclosed the amendments to the charter and bylaws it intended to put in place at the IPO in a draft registration/Form S-1A statement filed on Jan. 6, 2015 (less than one month before the IPO). — ISS 2016 Report; The Company's governance structure includes several provisions that significantly limit the rights of outside Class A shareholders... The combined effect of these provisions will be to severely limit the ability of shareholders to effect change at the Company or to realize a takeover premium....As the board has not provided its public shareholders with an ability to ratify any portion of this troubling governance structure, we recommend that the Class A holders signal their disapproval of these excessive restraints by abstaining from the lone member of the governance committee currently standing for election, Ms. Evan. — Glass Lewis 2015 Report",
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