Envestnet has seven board members but until reaching this agreement only three stood for re-election every year, putting the company, which has a market value of $3 billion, out of step with corporate America, where directors are generally voted on annually. Impactive blamed poor profit margins and capital allocation for Envestnet's underperformance and said its management and board directors were overpaid. It pushed the company to improve corporate governance by putting all directors up for election every year. Its stock price has fallen 28% in the last 52 weeks.