Seaboard Corp. Adopts Bylaw Amendments, Changes Forum

Seaboard Corp. (SEB) has released an update to notify the public and investors about corporate charter and bylaws modifications.

Seaboard Corporation’s Board of Directors approved immediate amendments to its Bylaws on January 25, 2024, introducing a new section that designates the Court of Chancery of the State of Delaware as the exclusive forum for certain types of legal actions brought by current or former stockholders. These actions include derivative proceedings, claims of duty violations by Seaboard personnel, and claims arising under Delaware’s corporate laws or Seaboard’s internal governing documents. If the Court of Chancery lacks jurisdiction, such cases will be heard by the Superior Court of the State of Delaware or the federal district court.

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For a comprehensive understanding of the announcement, you can read the full document here.