May A Board Sanction A Director By Withholding Corporate Information?
A recent Alaska Supreme Court decisions addresses, but does not decide, the question of whether a corporation may punish a director by withholding corporate information. In Borer v. Eyak Corp., 2022 Alas. LEXIS 37, winning candidate for a seat on the board of directors of an Alaska Native Corporation declined to sign the corporation’s confidentiality agreement and code of conduct. The Code of Conduct included the following provision:
[A] director who breaches the Confidentiality Agreement . […]