Yesterday's post concerned asked the question whether shareholders can sue CEOs for social activism. The answer is of course, yes. The more interesting question is whether shareholders will win the suit. To answer that question, one must first...
Nevada, like California, has codified the attorney-client privilege:
Nevada Corporations, NRS 49.095, Nevada Supreme Court, advice of counsel, attorney-client privilege, Attorney-Client Privilege/Work Product, business judgment rule, Limited, NRS 78.138, Okada, waive, Wynn Resorts
The answer to this question in Nevada may soon be an unequivocal "no". Last week, the Nevada Legislature unanimously passed SB 203 and sent it to Governor Brian Sandoval for signature. Among other things, Section 2 of SB 203 declares:
I have been writing recently about SB 203, a bill that is now pending in the Nevada legislature. As introduced, the bill would, among other things, require the following: