CEOs, Chairs and Lead Directors: Who Leads the Board?

Summary

This practice note discusses the perceived strengths and weaknesses of some common board leadership structures and certain regulatory requirements relating to appointment and disclosure of board leadership. An attorney advising a public company should have a solid grasp of these requirements and board leadership structures in general, as he or she may be called upon to advise his or her client on the key considerations when adopting a board leadership structure, including disclosure obligations under U.S. securities laws. An attorney may also be tasked with advising the Board on the employment agreement or charter describing the responsibilities of the leader of the board.