Many corporations whose directors serve terms of more than one year divides the board into classes and staggers elections so that only a portion of the board stands for election each year. This is called a staggered board. Sixty-three percent of U.S. boards currently have staggered boards. Arguments in favor of this practice are that it provides continuity by reducing the chance of an abrupt turnover in its membership and that it reduces the likelihood of electing people unfriendly to management (who might be interested in a hostile takeover) through cumulative voting. An argument against staggered boards is that they make it more difficult for concerned shareholdersto curb a CEO’s power especially when that CEO is also Chairman of the Board. An increasing number of shareholder resolutions to replace staggered boards with annual elections of all board members are currently being passed at annual meetings.