Officer Exculpation: Changes to Delaware’s Corporate Code and Shareholder’s General Acceptance
Since enacted, Title 8, Section 102(b)(7) of Delaware's Corporate Code has allowed Delaware corporations to exculpate their directors from personal liability to monetary damages due to any breaches of their fiduciary duties by including an exculpation provision in their Articles of Incorporation. However, this protection has never been extended to officers of a corporation, such as its President, Treasurer, or Secretary. This all changed August 1st, 2022 , when Delaware amended 102(b)(7) to...