May institutions pay the travel expenses of director candidates to attend annual meetings?
Probably yes. This may be okay if the annual meeting includes director elections and all candidates, including floor nominations, are provided the same opportunity to receive reimbursements for expenses. Our rule at ยง 611.320(c) on impartiality in elections makes it clear that no resources of an institution may be used by a candidate unless the same resources are simultaneously made available, and made known, to all declared candidates. As such, the institution should include shareholder notice, in the AMIS or elsewhere, that candidates will be provided the opportunity to receive travel reimbursement. This advance notice to voting shareholders helps ensure fairness and equal access in case a shareholder wants to arrange a floor nomination.
