Special meetings of the board may be called by the chairperson or by what proportion of the board?

The correct answer highlights that a majority of the board members can call special meetings, which reflects standard practices in corporate governance and aligns with common statutory provisions regarding the calling of meetings. A majority, generally defined as more than half of the total board members, ensures that there is sufficient representation and consensus among members to warrant the urgency of a special meeting. This high threshold is intended to promote serious consideration and prevent frivolous or unnecessary meetings from being called.

The other options do not accurately reflect the typical requirements for calling special meetings. For instance, a quarter of the members is generally too low to ensure that a significant number of the board is on board with the decision, which could lead to governance issues. Similarly, requiring all members to agree would be impractical and restrictive, causing delays in decision-making. Finally, the two-thirds requirement, while perhaps applicable in certain contexts or specific organizations, is not the standard for most boards when it comes to calling special meetings. Therefore, a majority strikes a necessary balance between representation and efficiency.