Corporate agents: indemnification.

Existing law authorizes a nonprofit public benefit corporation, mutual benefit corporation, religious corporation, and consumer cooperative corporation to indemnify its agents, as defined, in proceedings, as defined. Existing law provides that the authority of those corporations to so indemnify their agents does not apply to any proceeding against any trustee, investment manager or other fiduciary of an employee benefit plan. Existing law authorizes all corporations, and the corporations described above specifically, to indemnify and purchase and maintain insurance on behalf of a fiduciary of specified employee benefit plans, trusts, or provisions for directors, officers, employees, and persons providing services to the corporation or its affiliates. This bill would apply the above provisions, instead, to a fiduciary of a pension, deferred compensation, saving, thrift or other retirement, incentive or benefit plan, trust or provision for any or all of the corporation's directors, officers, employees, and persons providing services to the corporation or any of its subsidiary or related or affiliated corporations. The bill would provide cross-references, as specified.