Delaware Supreme Court Rejects Attempt to Reduce Directors Term on Staggered Board to 28 Months
1 December 2010
Mayer Brown Legal Update
In Airgas, Inc. v. Air Products and Chemicals, Inc., No. 649, 2010 (Del. Nov. 23, 2010), the Delaware Supreme Court, reversing the Chancery Court, held that a bylaw amendment moving up Airgas’s annual meeting by eight months was inconsistent with the company’s charter provision creating staggered terms for directors and permitted an improper removal of directors without cause.