Summary
SLB Limited/NV (SLB) filed an 8-K report on July 22, 2019, detailing an amendment to its by-laws. Effective July 17, 2019, the Board of Directors adopted amended and restated by-laws, removing the previous requirement that a majority of the Board's quorum must consist of non-U.S. citizens. This change, while seemingly administrative, could have implications for the composition and decision-making processes of the Board. Investors should note this shift in governance as it may influence future strategic directions and operational oversight. The full text of the amended by-laws is available as an exhibit to this filing.
Key Highlights
- 1SLB amended its by-laws on July 17, 2019.
- 2The amendment removes the requirement for a majority of the Board quorum to be non-U.S. citizens.
- 3The amended by-laws became effective immediately upon Board adoption.
- 4This change impacts the governance structure of Schlumberger Limited.
- 5The full amended by-laws are available as Exhibit 3 to the filing.
Frequently Asked Questions
The main change is the amendment to SLB's by-laws to remove the requirement that a majority of the Board of Directors' quorum must be comprised of non-U.S. citizens.
The amended and restated by-laws became effective immediately upon their adoption by the Board of Directors on July 17, 2019.
This change offers greater flexibility in Board composition and may impact the diversity of citizenship within the quorum needed for Board meetings, potentially influencing decision-making dynamics.
The full text of the amended and restated by-laws is provided as Exhibit 3 to this Form 8-K filing.