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James H.S. Levine and Douglas Herrmann of Pepper Hamilton. James H.S. Levine and Douglas Herrmann of Pepper Hamilton.

Section 220(d) of the Delaware General Corporation Law permits a director to inspect a company’s books and records for purposes reasonably related to the director’s position as a director. It is well-settled under Section 220 jurisprudence that a director’s right to access corporate books and records is broader than that of stockholders. A director who has a proper purpose for inspection (i.e., one that is reasonably related to his or her position as a director) has virtually unfettered access to the company’s books and records. In a recent ruling, Schnatter v. Papa John’s International, C.A. No. 2018-0542-AGB, Chancellor Andre G. Bouchard reaffirmed that longstanding rule and expounded on its application when the director may also have an additional, personal reason for seeking the books and records.

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