The Mysterious Boundary Beyond Which “Personal” Relationships Jeopardize a Director’s Independence -
In a recent enforcement action, the SEC concluded that the relationship between James Craigie and an officer of Church & Dwight Co. fatally undermined Craigie’s status as an “independent director” of the company under New York Stock Exchange rules. The SEC seems not to have needed a bloodhound to sniff out sufficient evidence for its case, particularly in light of some pretty expansive language in the relevant NYSE rule. Nevertheless, this case also merits some investigation by mutual funds and their independent directors.
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