Corporate
Apr. 13, 2012
Delaware court weighs in on indemnification of directors and officers
A recent decision sheds light on the boundaries of indemnification as well as explaining the "dearth" of guiding case law. By Robert S. Reder of Milbank, Tweed, Hadley & McCloy LLP
Section 145 of the Delaware General Corporation Law authorizes Delaware corporations to indemnify their directors and officers for acts taken in their official capacities. It has long been recognized that indemnification serves an important public policy function. Not only are individuals reluctant to serve without safeguards to protect their personal assets against litigation claims, but corporate fiduciaries may be deterred from making bold b...
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