Activist hedge funds are fighting for the right to pay bonuses to directors that they place on corporate boards.
This comes as 33 US companies have amended their bylaws to disqualify any directors that receive payment from outsiders, in the hope of deterring attacks by activist investors such as Carl Icahn, Bill Ackman and Daniel Loeb.
The bans have raised the ire not just of activists but of institutional shareholders, many of whom are sceptical about the motives of the activists but who want to retain the right to choose directors for themselves.
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