过去10年内，采取分期分级董事会制度的企业大大减少，从2005年的57%下降到了2014年的32%。
Over the last 10 years, the prevalence of staggered boards has decreased, from 57% of companies in 2005 to 32% in 2014.
在分期分级董事会架构下，董事会实际上是三年一选而不是一年一选，因为每年选举的董事只占董事会的三分之一。
Under a staggered board structure, directors are elected to three-year rather than one-year terms, with one-third of the board standing for election each year.
一项研究显示，分期分级董事会制度有助于改善新上市企业的长期运营绩效。
One study found staggered boards improve long-term operating performance among newly public companies.
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