Facebook Directors Agree To Corporate Governance Changes As Part Of Settlement
Mealey's (January 27, 2016, 1:20 PM EST) -- WILMINGTON, Del. — The board of directors for Facebook Inc. on Jan. 25 agreed to enact a series of corporate governance reforms regarding the oversight of outside, nonmanagement directors to settle claims in a derivative lawsuit filed by a shareholder over the company’s issuance of excessive compensation to those directors under the terms of a 2013 compensation program (Ernesto Espinoza v. Mark Zuckerberg, et al., No. 9745-CB, Del. Chanc.).
(Stipulation of compromise and settlement available. Document #57-160216-030X.)
Under the terms of the settlement, which are subject...