Summary by Moomoo AI
Synopsys, Inc. has announced amendments to its Corporate Governance Guidelines and Bylaws, effective March 25, 2024, which were first communicated to shareholders on February 16, 2024. The key change is the appointment process for the Lead Independent Director, which will now be conducted by the independent directors of the Board instead of the full Board. This amendment is designed to enhance the Lead Independent Director's role in overseeing management and leading the independent directors. The updated guidelines also grant the Lead Independent Director explicit approval authority over the agenda, schedule, and materials for Board meetings, and establish them as the primary contact for stockholders wishing to engage with the Board. The announcement also reaffirmed the at-will employment status of the Executive Chair and President and CEO, who can be terminated at any time and whose Board membership is contingent on reelection by stockholders. The duties of the Executive Chair, Lead Independent Director, and President and CEO were outlined, emphasizing their respective roles in guiding the company's strategy, operations, and governance.