Phoenix, Ariz.–The Sarbanes-Oxley Act's corporate governance language does not apply to small mutual insurers, but a recent court decision could make them live by it, an attorney warned yesterday at an industry conference here.
That advice came from Nicki Locker, a partner with Wilson Sonsini Goodrich Rosati law firm in Palo Alto, Calif., during a session on corporate governance at the annual convention of the National Association of Mutual Insurers.
Ms. Locker based her advice on a ruling, in August, by the Delaware Court of Chancery concerning the Walt Disney Company board's approval of a no fault separation agreement for former President Michael Ovitz, who was fired after one year with a $140 million payout.
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