The Delaware Court of Chancery has stopped an oil and gas company's board from soliciting consent revocations or voting any proxies it received until it either accepts a slate of directors nominated by its third-largest shareholder or publicly explains its reasons for not accepting the board. In issuing the opinion, the Chancery Court held that the board's efforts to block the nominees was likely a breach of fiduciary duty because it interfered with the shareholders' right to freely elect directors.
Chancery Court Orders Energy Company to Accept Shareholder-Nominated Directors
Delaware Business Court Insider
March 13, 2013
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