Corporate Democracy Act of 1980

[AI summary unavailable — showing source text] Corporate Democracy Act of 1980 - Title I: Directors and Shareholders - Requires any corporation which under Title VII is subject to this Act to have a majority of independent directors on its board. Defines an "independent director" to exclude any person related to the corporation through an affiliate, a director, officer or managing agent, a law firm, a bank, or a supplier or customer. Prohibits any person from serving as a director or officer for more than two corporations subject to this Act. Specifies the duty of loyalty and care owed to such corporations by their directors. Requires each corporation subject to this Act to have a supervisory committee and a public policy committee, each composed of a majority of independent members. Sets forth provisions relating to the nomination and election of directors including: (1) requiring that the degree of support necessary for inclusion of a candidate on the ballot be determined by the Securities and Exchange Commission; (2) requiring that all nominees receive equal amounts of money and access to corporate resources in soliciting proxies; and (3) strictures against the classification and staggering of directors to undermine minority…