DE Court of Chancery Rejects Stockholder Challenge of Board of Directors' Decision to Retain Directors Under the "Pfizer" Policy | Practical Law

DE Court of Chancery Rejects Stockholder Challenge of Board of Directors' Decision to Retain Directors Under the "Pfizer" Policy | Practical Law

An update on a Delaware Court of Chancery decision rejecting a stockholder challenge to the Board of Directors' decision to retain three directors under "Pfizer-style" policies where the Board of Directors can reject the resignations of directors who receive less than a majority of shareholder votes in a reelection bid.

DE Court of Chancery Rejects Stockholder Challenge of Board of Directors' Decision to Retain Directors Under the "Pfizer" Policy

by PLC Corporate & Securities
Published on 02 Oct 2009 • Delaware, USA (National/Federal)
An update on a Delaware Court of Chancery decision rejecting a stockholder challenge to the Board of Directors' decision to retain three directors under "Pfizer-style" policies where the Board of Directors can reject the resignations of directors who receive less than a majority of shareholder votes in a reelection bid.