
In the heyday of America’s beer wars, Budweiser rival Miller advertised its lower-calorie Lite as “Great taste, less filling”. A variation applies to board changes announced by Bud’s current owner, Anheuser-Busch InBev: “More smoke, less 3G.” Whether shareholders, the intended consumers of this new governance product, will swallow it with glee the way beer drinkers did Miller Lite is less clear. The $143 billion company, clearly attuned to brewing dissent among its owners, named Martin Barrington, the former head of tobacco group Altria, as its new chairman, replacing Olivier Goudet. The latter’s departure made sense because his role at JAB,