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Dear Jorge, <br>
<br>
You are rightly pointing out one of the key areas where a shared
understanding of the concept and consequences has not been achieved
so far. $<br>
<br>
Our 2nd report highlighted this issue for further investigation
during WS2, but I note that some comments mentioned that this should
not be clarified as part of WS1. The exact wording of our work item
was :<br>
<blockquote type="cite">
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</span></span></span><!--[endif]--><span lang="EN-US">Clarifying
understanding of the
fiduciary duties of Board Directors and related expectations
concerning
Director behavior for the Board.<o:p></o:p></span></p>
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<br>
Past work on the topic include several mentions in legal memos. Most
notable is on page 4 of one of the initial memos from our Counsel
dated 12 april
(<a class="moz-txt-link-freetext" href="https://community.icann.org/download/attachments/52890082/Combined%20CCWG%20Cover%20Memo%20and%20Templates.pdf?version=3&modificationDate=1428797461000&api=v2">https://community.icann.org/download/attachments/52890082/Combined%20CCWG%20Cover%20Memo%20and%20Templates.pdf?version=3&modificationDate=1428797461000&api=v2</a>)
which addresses the balance between accountability and decision
making authority. <br>
<br>
If we were to pursue this at this stage, we probably should flesh
out some questions to direct work from our Counsel. What would be
the type of questions you would raise Jorge ? (or others) ? <br>
<br>
Best<br>
Mathieu<br>
<br>
<br>
<div class="moz-cite-prefix">Le 01/10/2015 10:41,
<a class="moz-txt-link-abbreviated" href="mailto:Jorge.Cancio@bakom.admin.ch">Jorge.Cancio@bakom.admin.ch</a> a écrit :<br>
</div>
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<p class="MsoNormal">Dear all,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span lang="EN-US">During the debates we
had on the last conference call I put forward a question
which I feel could be important to better understand under
Californian corporate law.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US">This is whether there
are any means to subject the exercise of “fiduciary duties”
(by the Board) to objective standards.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US">As I have understood the
discussion so far, the membership model allows the member to
override “fiduciary duties” of the Board. However the member
itself has no fiduciary duties vis-à-vis the organization.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US">On the other hand,
fiduciary duties are apparently a useful tool within
corporate law, as it imposes a duty to care for the welfare
of the whole of the organization.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US">The argument which is
made by some, as far as I understand it, is that there is
however a problem in the exercise of “fiduciary duties” as
it would provide the Board with an “arbitrary” power, e.g.
to override community decisions (in exercise of community
powers) without being bound to any objective standards.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US">Considering all this, my
question (to the Lawyers, if this is certified as a question
to them) would be: is there any means under Californian Law
(or other US jurisdictions…) that would allow to subject the
exercise of fiduciary duties to objective standards? (e.g.
be it through concretizing these duties in the Bylaws,
subjecting them to arbitration, imposing special
requirements on the rationale needed to be provided if they
are used to override community decisions, or, for instance,
imposing extra-supermajorities in the Board in order to
being able to invoke such duties?)
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US">Hope this helps,<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US">Regards<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US">Jorge <o:p></o:p></span></p>
</div>
</blockquote>
<br>
<pre class="moz-signature" cols="72">--
*****************************
Mathieu WEILL
AFNIC - directeur général
Tél: +33 1 39 30 83 06
<a class="moz-txt-link-abbreviated" href="mailto:mathieu.weill@afnic.fr">mathieu.weill@afnic.fr</a>
Twitter : @mathieuweill
*****************************
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