As I said earlier, that's presuming that shareholders would choose to change a director every year. I think that's very unlikely. Most sophisticated investors realize the need for continuity. After all, they are in this to make money and they know that this is important for any business. In fact, our members are all long-term shareholders, so they want to see the company prosper and grow over the long term.
It's really just an ability to remove a director, if there is a problem, that institutional shareholders want to have. It is very unlikely, absent a problem, that each and every director would change every year. I can't imagine it happening, absent a problem. If there is a problem, shareholders want the ability to remove that director in one year rather than having to wait three, because a lot of damage can be done to a business over three years, if the directors are not performing properly.