• Director & Officer Questionnaires: Think Carefully Before You Check the "No" Box
  • September 26, 2008 | Author: Sudhir N. Shenoy
  • Law Firm: Womble Carlyle Sandridge & Rice - Charlotte Office
  • The recent settlement of SEC proceedings against a public company director related to his failure to disclose a business relationship with the relevant companies' outside auditor, together with recent NYSE and Nasdaq rule changes to certain director independence tests, highlight both the need for public companies to update (and review) their director and officer ("D&O") questionnaires and the significant individual penalties that the SEC may impose for failing to fully complete the questionnaires.