Ohio SB353 regulates the internal affairs of domestic corporations, focusing on the use of committees of independent and disinterested directors.

Ohio SB353 amends the Revised Code to govern the internal affairs of domestic corporations, emphasizing the use of committees of independent and disinterested directors. The bill mandates that courts make prompt determinations to promote such committees. Shareholders, subsidiaries, or the corporation can petition the court if they believe the appointed directors are not independent or disinterested. The court then holds a hearing to assess the independence of the directors.

Ohio SB353 regulates the internal affairs of domestic corporations, focusing on the use of committees of independent and disinterested directors.

Ohio SB353 amends the Revised Code to govern the internal affairs of domestic corporations, emphasizing the use of committees of independent and disinterested directors. The bill mandates that courts make prompt determinations to promote such committees. Shareholders, subsidiaries, or the corporation can petition the court if they believe the appointed directors are not independent or disinterested. The court then holds a hearing to assess the independence of the directors.