Tag – Director Independence: Keating Muething & Klekamp PLL

Posts tagged Director Independence.

Delaware Supreme Court Clarifies Law on Friendly Directors’ Independence

By Allison A. Westfall on 10.15.2015

In a recent decision of the Delaware Supreme Court, the court reversed a Chancery Court determination that a Director was sufficiently independent such that a demand on the Board of Directors was not excused. The court clarified that directors whose deep friendship also involved financial ties may not be deemed independent in order to excuse a demand on a Board of Directors.