Corporate governance

The management of Smith and T Co$.$ controls $58\%$ of the company's stock. The firm did not meet any of its quarterly sales projections for the last year. Some of the firm's institutional investors are worried that the firm's poor performance is partly because management has not been focused on maximizing shareholder wealth. Which of the following measures would the institutional investors most likely want to see implemented?

They would want to change the corporate charter to allow cumulative voting instead of noncumulative voting.

They would want to ensure that the company's CEO is also the chairperson of the board of directors.

They would want to change the corporate bylaws so that one$-$third of the board seats are filled each year and each director serves a three$-$year term.