79351513.1-690Virginia Decodedhttps://vacode.org2016CorporationsVirginia Stock Corporation ActDirectors And OfficersGeneral standards of conduct for directorCode 1950, §§ 13-206, 13-207, 13.1-44; 1956, c. 428; 1985, c. 522.Simmons v. Miller000785544 S.E.2d 6662001-04-20https://www.courtlistener.com/opinion/1059483/simmons-v-miller/ . . . statutory business judgment rule[3] codified at Code § 13.1 690, which provides: . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Willard v. Moneta Bldg. Supply981836515 S.E.2d 2771999-06-11https://www.courtlistener.com/opinion/1059739/willard-v-moneta-bldg-supply/ . . . duties in accordance with the provisions of Code § 13.1-690. Willard asks us to judge the . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Izadpanah v. Boeing Joint VentureRecord No. 901568412 S.E.2d 7081992-01-10https://www.courtlistener.com/opinion/1410217/izadpanah-v-boeing-joint-venture/ . . . the best interests of the corporation. Code § 13.1-690(D). However, when a conflict of interest as . . . <abbr title="Supreme Court of Virginia">SCV</abbr>WLR Foods, Inc. v. Tyson Foods, Inc.Civ. A. No. 94-012-H857 F. Supp. 4921994-06-01https://www.courtlistener.com/opinion/2008780/wlr-foods-inc-v-tyson-foods-inc/ . . . relevant Virginia statute, Va.Code *494 Ann. § 13.1-690 (Michie 1993), cannot be proven or . . . District Court, W.D. Virginia . . . Richmond A. Dellastatious, and Frank Romano v. Donald F. . . . 00-1577242 F.3d 1912001-02-22https://www.courtlistener.com/opinion/772338/richmond-a-dellastatious-and-frank-romano-v-donald-f-williams-ray/ . . . quot; Va. Code S 13.1-690(C); see also Willard, 515 S.E.2d at 284 (discussing S 13.1-690(C)'s . . . Court of Appeals for the Fourth CircuitFlippo v. CSC ASSOCIATES, III, LLC002183547 S.E.2d 2162001-06-08https://www.courtlistener.com/opinion/1059475/flippo-v-csc-associates-iii-llc/ . . . see Code § 13.1-690(A). By virtually identical language, Code §§ 13.1-1024.1(B) and 13.1-690(B) . . . <abbr title="Supreme Court of Virginia">SCV</abbr> . . . In Re C-T of Virginia, Incorporated, Formerly Known as . . . 90-1556958 F.2d 6061992-03-05https://www.courtlistener.com/opinion/579219/in-re-c-t-of-virginia-incorporated-formerly-known-as-craddock-terry-shoe/Court of Appeals for the Fourth Circuit . . . Harry G. Hager v. Ruth A. Gibson, Trustee for Preference, . . . 95-2575109 F.3d 2011997-03-19https://www.courtlistener.com/opinion/738240/harry-g-hager-v-ruth-a-gibson-trustee-for-preference-ltd/Court of Appeals for the Fourth CircuitCOMMONWEALTH TRANSP. COMMISSIONER v. Matyiko960433481 S.E.2d 4681997-01-10https://www.courtlistener.com/opinion/1060097/commonwealth-transp-commissioner-v-matyiko/ . . . applicable standards of conduct described in § 13.1-690, a director who votes for or assents to a . . . <abbr title="Supreme Court of Virginia">SCV</abbr>Dellastatious v. Williams00-15772001-02-22https://www.courtlistener.com/opinion/2967340/dellastatious-v-williams/ . . . quot; Va. Code § 13.1-690(C); see also Willard, . . . Court of Appeals for the Fourth Circuithttp://law.lis.virginia.gov/vacode/13.1-690//13.1-690/13.1/9/9/13.1-69013.1-122913.1-64613.1-68913.1-69213.1-727.113.1-728.913.1-788A director shall discharge his duties as a director, including his duties as a member of a committee, in accordance with his good faith business judgment of the best interests of the corporation.sectionAA1Unless he has knowledge or information concerning the matter in question that makes reliance unwarranted, a director is entitled to rely on information, opinions, reports or statements, including financial statements and other financial data, if prepared or presented by:sectionBB1 One or more officers or employees of the corporation whom the director believes, in good faith, to be reliable and competent in the matters presented;sectionB1B12 A committee of the board of directors of which he is not a member if the director believes, in good faith, that the committee merits confidence.sectionB3B32A director is not liable for any action taken as a director, or any failure to take any action, if he performed the duties of his office in compliance with this section.sectionCC1A person alleging a violation of this section has the burden of proving the violation.sectionDD1