Becoming a first-time director of a public company is a goal not easily achieved and can represent a significant personal and professional accomplishment, giving an individual a platform to share their expertise to help a company attain its strategic objectives.
Although fiduciary duties under state corporate law are well established and not the primary focus of this article, public company directors are encumbered by a multitude of duties and responsibilities mandated by federal securities laws and the regulations of securities exchanges. A new director is expected to navigate ancillary restrictions, heighted scrutiny, and various challenges that can be onerous.
These factors necessitate careful consideration prior to accepting a first-time nomination or appointment to the board of a public company. It is important that you familiarize yourself with the legal implications resulting from your new role as a director, which we summarize in this article.
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