Partner Gardner Davis was quoted in a Bloomberg BNA’s Securities Law Daily article, “Del. Ruling Spurs Rush to Change Board-Removal Clauses,” on February 22, 2016. The article discussed a Delaware Chancery Court ruling that directors in companies without classified boards may be removed without cause, even if their bylaws imply otherwise. Gardner provided some unlikely yet plausible alternatives for boards to consider, including adopting cumulative voting. He also said another option may be to, “adopt charter provisions requiring a supermajority shareholder vote to remove directors, which would almost certainly draw opposition from the proxy advisory firms.”
