Foley Partner Jessica Lochmann was quoted in an article that appeared in Treasury & Risk on March 1, 2011 titled “Shareholders Pressure Companies To Disclose CEO Succession Plans.” Lochmann discusses a proposal issued by the Laborers’ International Union of North America that asks companies to provide an annual report on CEO succession plans, stating that the proposals are not binding on directors who view the hiring and supervising of managers as one of their key responsibilities. She adds that companies may hesitate to disclose successions plans because they fear that the information could be used to disrupt internal operations or give competitors insight into company strategy.
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