Simpson Thacher in the News
Go Back
David Blass Quoted in Fund Directions on Navigating the Consolidation of Fund Board Seats
09.18.24
This is only gets display when printing
Partner David Blass was quoted in a Fund Directions article, which discussed how fund directors navigate fiduciary duty when considering proposals that would lead to the consolidation of board seats. David indicated that upon receiving a proposal that would eliminate seats, board leadership and independent counsel should start the discussion by reminding directors that they have a fiduciary duty to fund shareholders. When discussing how reiterating the importance of fiduciary duty early in the process can help to avoid careless communications that could be misinterpreted, he said, “You don't want to have something that could appear on the record after the fact, in isolation, that is taken out of context that may suggest that the fiduciary duty was not upheld.”
To read the full article, please click here (subscription required).