Corporate Governance at the Millennium: The Decline of the Poison Pill Antitakeover Defense

As recently as twenty years ago, the ability and desire of corporate shareholders to mount a challenge over corporate governance 4 seemed unlikely. After all, shareholders were considered to be passive, impotent, and unconcerned with anything but the value of their investment. Although shareholders of decades past were admittedly passive and powerless, today\u27s shareholder activism is fueled largely by the institutional investor. In short, a shareholder revolution has occurred, highlighted by the ascendancy of the institutional investor. Accompanying the institutional investors\u27 growth and concentration of share ownership is their desire and ability to participate meaningfully in governance issues. An extraordinary ferment of activity in the field of corporate governance has resulted