Business Notes the Boardroom

America's latest export to Britain may be the shareholder revolt. Last week angry institutional investors prompted the unceremonious ejection of Sir Roland Smith as chairman of British Aerospace. Smith had come under criticism for a lone-wolf management style and moves into such recession-vulnerable businesses as real estate and automaking. As profits went into a tailspin during the past six months, Smith sought to raise fresh funds with a new stock issue. But word leaked to the press, and shareholders feared a dilution of their stock. The investor backlash inspired the company's board to dump Smith. Such quick response to shareholder unrest is unusual in Britain but catching on fast. Still, Smith will be paid more than $500,000 a year until mid-1993. Some American traditions are less unpleasant than others.