'2126' pid='77478' dateline='<a href="tel:1478651 Wrote:
'Li'loilady' pid='77476' dateline='<a href="tel:147 Wrote:2126 - In your opinion, could SEC or FINRA take action against them? Some of us have issued a complaint against CEO/BOD insider trading, etc. As an NYSE listed company, I can't imagine they can indemnify against those (and other) regs.
The SEC and FINRA can indeed take action against the BOD and CEO. However, issue #1 would still apply. How to actually serve papers on persons without US citizenship and without their presence in the US? Addtionally, if the IOC people can show that they reasonably felt they were acting lawfully [by virtue of a legal opinion by IOC legal counsel, for example], the indemnification policies in the corporate bylaws of IOC would still shield them from any personal liability. Such is the power of indemnification.
Thanks for your response, 2126. I hope I'm not trying your patience, but I'd like to ask a clarifying, pinpointed question re: insider trading. Would not a CEO and BOD be responsible to know they were in violation of these (world-famous) regulations no matter what an attorney had said? Due diligence? Otherwise couldn't any company indemnify themselves to this extent? That's assuming they did consult an attorney on those trades and he said, "Sure. No prob. I think I'll buy me a slew of shares, too, right after we get out of this meeting with the XOM attorneys!"
If Katy, or anyone else w/ contract expertise has an informed opinion to offer up, go for it!
Thanks guys.