Nearly three-quarters of S&P 500 companies have instituted mandatory retirement age limits. Al Gore just reached his age limit at Apple. Here’s the Apple press release:

“The board has a longstanding policy that directors generally may not stand for reelection after reaching age 75. As a result, Al Gore, who has served since 2003, and James Bell, who joined in 2015, will both retire from Apple’s board this year.” 

Most public companies set their mandatory retirement age limits at 70 years old, so the former Vice President was able to cash in a little longer than some. Al Gore currently owns 468,995 shares of Apple, which is valued at around $87 million as of this writing. 

Al Gore may be out at Apple, but there’s one job he’s still qualified for. Just in case he needs something to do in his free time.

The President of the United States. 

At age 75, Al Gore is comparatively young to the current 2024 frontrunners: Donald Trump (age 77) and Joe Biden (age 81). 

It’s not that I want Al Gore to throw his hat in the ring. I simply want to illustrate how insane it is that some three-quarters of corporate America has determined it’s not good for business to have old directors, but somehow it’s fine for the supposed leader of the free world to be an octogenarian.

Of course, there are exceptions. I’m sure many companies would pay big money if Warren Buffett (age 93) agreed to join their boards.

But there is only one Warren Buffett. 

This is not about ageism. As I wrote in a previous article that called for age limits and term limits throughout American politics:

“I respect and revere elder statesmen. The wisdom they can impart and the experiences they can draw from are unmatched in the population. But governing requires energy and fresh perspectives.”

The lack of age limits in American politics wouldn’t be a problem if politicians – from both sides of the aisle – knew when to quit. But they cling to power as if it’s inseparable from their identity. 

We only need to look at two recent examples to understand the severity of this problem. One from each political party. 

Below is what Senator Dianne Feinstein looked like shortly before passing away while in office at age 90. Even though she was sick and couldn’t handle basic tasks, she refused to quit. Legislative aides had to whisper instructions in her ear, coaching her on what to say.

This is tragic for someone who had such a storied and magnificent political career. But it’s also tragic for the people she was supposed to be representing in the state of California and across the country. She was a member of numerous committees, including judiciary and foreign affairs, where impactful issues required her attention every day.         

Another politician who has taken the Feinstein approach is Senator Mitch McConnell (age 81). Despite having two public moments where he completely froze and was in a nonresponsive daze for many seconds, he has continued to work. 

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This behavior is unacceptable in corporate America. It’s not in the best interests of shareholders to have incompetent and senile board members.

But for the American people? No problem.  

Even some in the corporate world who argue against age limits for board members still think overall evaluations and individual director performance assessments are necessary. They argue a rigorous evaluation is the best way to maintain a healthy board with diverse perspectives.    

This doesn’t work for a few reasons. First, the power dynamics and potential conflicts are messy. Try forcing an independent reviewer–whether inside or outside the company–to conclude that someone is too old to do the job. Or to give them a test that’s designed to assess competency. Oh, and forget peer reviews. Unless a board member is genuinely disliked, it’s unlikely that a peer would recommend removing that person for “performance.” 

Second, mental tests and competency evaluations are not easy to design and implement. It’s far easier to set an age at a reasonably high threshold and apply that to everyone. Which is probably why the vast majority of public companies in America have chosen that route. They’ve concluded that it’s in the best interests of shareholders to have some generational diversity. 

Can you imagine a competency evaluation in politics? The hyperbole from Trump’s health reports is already enough to make my head spin.

“[Mr. Trump’s] physical exams were well within the normal range and his cognitive exams were exceptional.”    

Exceptional by what measure? And do you think a doctor a politician hired would give any other conclusion or diagnosis?

I’m sure Al Gore is exceptional too in all ways. According to any doctor he hires. 

It’s time for more people to demand age limits on politicians. They have shown time and again that they don’t know when to quit. In the end, they’re not the ones suffering despite their declining mental and physical states. The American people bear the brunt of the pain through poor representation. 

There’s no reason why shareholders in America should have better protections than average citizens. But that’s the reality today. We currently live in a democracy where someone like Al Gore at age 75 can no longer serve on the vast majority of corporate boards, but he can still be President. 

Given the current polarized state of American politics, perhaps a fresh generational perspective is exactly what the doctor needs to order.