“Amending Bylaws and Charters to Address Universal Proxy, Shareholder Activism and Officer Exculpation” from White & Case summarizes the firm’s analysis of bylaw amendments adopted by 100 of the 200 S&P 500 companies that amended their bylaws between April 22, 2022, and June 1, 2023, in response to the new universal proxy rule and/or the rise in shareholder activism, as well as associated litigation and shareholder proposals. The memo also provides statistics on the number of companies that sought and gained approval to amend their charters to provide for office exculpation in responses to the recent change in Delaware law (first reported on here), and provides guidance to companies that are considering bylaw or charter amendments for these purposes in light of the relevant activity to date.