Exculpatory Clauses – Does Your Bank Have One? Take the Survey!
An exculpatory clause is a provision, typically in the Articles of Incorporation, that excuses a director from personal liability as to the corporation or its shareholders unless the director has committed gross negligence or certain egregious acts.
AABD is taking a survey of banks to determine to what extent they have adopted exculpatory clauses. Click here to take the survey. The survey is brief and should only take five minutes of your time.
The results will provide the banking industry with a benchmark to facilitate the adoption of such clauses more widely.
Please respond to the survey by September 4, 2020.