Kilpatrick Stockton Partner Is Member of Prestigious Commission
ATLANTA (January 27) – The Blue Ribbon Commission of the National Association of Corporate Directors (NACD) has published its Report on “Director Liability: Myths, Realities, and Prevention.” Kilpatrick Stockton Partner Neil Falis was a member of the prestigious 23-person Commission, and an active participant in preparing the Report.
“The Commission’s members included directors, general counsel and executive officers of some of the largest companies in the country, many of whom are leaders in the corporate governance arena,” said Mr. Falis. “As a result, the Report reflects the perspectives of people who grapple with director liability issues on a daily basis.”
The Commission’s report separates myths from realities concerning directors’ liability exposure, and recommends a series of best practices for directors to limit that exposure.
The NACD established the Commission to assess current trends in litigation against directors, and to consider more generally recent developments in stockholder litigation, its impact on the fiduciary duties of directors at both the federal and state levels, and to recommend practices that may allow directors to move beyond compliance to focus on creating value for stockholders.
Mr. Falis added, “The Commission’s Report is unparalleled in its clear assessment of where and how real risks have increased for directors, and debunks myths that have resulted from misinterpretations of recent events in the media and elsewhere. It is highly readable for the busy director or executive, as well as informative for an experienced corporate lawyer.”
The Commission was chaired by Norman Veasey, former chief justice of the Delaware Supreme Court and, along with Mr. Falis of Kilpatrick Stockton, included legal and corporate leaders from companies across the country, including: American Express, Black & Decker, Conoco-Phillips, DuPont, ExxonMobil, General Electric, General Motors, Pfizer, Inc., Proctor & Gamble, TIAA/CREF, Tyco International, Wells Fargo and others.
About the National Association of Corporate Directors
The National Association of Corporate Directors (NACD) is an independent not-for profit membership organization devoted exclusively to improving corporate board performance. Founded in 1977, NACD conducts educational programs and standard-setting research, and provides information and guidance on a variety of board governance issues and practices. Membership is comprised of individual directors and entire corporate boards from U.S. and overseas companies ranging from large publicly held corporations to small over-the-counter, private, and closely held firms. Institutions such as the U.S. Congress, SEC, NYSE and NASDAQ recently have called upon NACD to provide input and recommendations on standards of good corporate governance. www.nacdonline.org.
About Kilpatrick Stockton
Kilpatrick Stockton LLP is a full-service international law firm with more than 470 attorneys in nine offices across the globe: Atlanta and Augusta, GA.; New York, New York; Charlotte, Raleigh and Winston-Salem, N.C.; Washington, D.C.; London, England; and Stockholm, Sweden. Kilpatrick Stockton’s delivery of innovative business solutions provides results-oriented counsel for companies, from the execution of myriad financing arrangements and complex business transactions to the protection and management of intellectual property. Kilpatrick Stockton’s corporate, litigation, intellectual property and specialty-practice attorneys collaborate seamlessly to provide proactive and efficient counsel and guidance to companies at every stage of the business life cycle. For more, go to www.kilpatrickstockton.com.
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