Supreme Court of Delaware

Two certified questions, arising from an action before the SEC to determine whether respondent-shareholders' proposed bylaw requiring reimbursement of proxy expenses should be included in petitioner-corporation's annual proxy materials, are answered affirmatively where: 1) respondents' proposal was a proper subject for action by shareholders; and 2) the proposal, if adopted, would cause petitioner to violate state law because it would in some cases curtail the directors' ability to fully exercise their fiduciary duties. (Republished Opinion)

Appellate Information

• Decided 08/15/2008
• Published 08/15/2008

Judges

• JACOBS, Justice., Before STEELE, Chief Justice, HOLLAND, BERGER, JACOBS, and RIDGELY, Justices, constituting the Court en Banc.

Court

• Supreme Court of Delaware

Counsel

• For Appellant:
  
• Raymond J. DiCamillo, Blake Rohrbacher, and Scott W. Perkins, Esquires, of Richards, Layton & Finger, P.A., Wilmington, Delaware;  of Counsel:  Robert J. Giuffra, Jr. (argued), David B. Harms, William B. Monahan, and William H. Wagener, Esquires, of Sullivan & Cromwell LLP, New York, New York;  for Appellant.


• For Appellees:
  
• Jay W. Eisenhofer, Stuart M. Grant, Michael J. Barry (argued), and Ananda Chaudhuri, Esquires, of Grant & Eisenhofer P.A., Wilmington, Delaware;  for Appellee.