waiver

username12

Member
slovenian
Any team member, officer or director seeking a waiver of any provision of the Code should consult the General Counsel. Our Audit Committee must approve any waiver of the Code with respect to an executive officer or director. Any waiver or amendment of the Code shall be disclosed to the extent required by law or regulation.
http://investor.lifetimefitness.com/phoenix.zhtml?c=136737&p=irol-govConduct#1e

Do I understand correctly that waiver here means exemption?
I thought waiver means to surrender a right and thus be liable.

Here is seems to mean that you reserve the right to be free from the Code and thus not be liable for anything...

Thanks in advance
 
  • wandle

    Senior Member
    English - British
    'To waive' a rule or obligation means 'to suspend' that requirement temporarily.
    Thus, in general, a 'waiver' of anything is a suspension of it, limited in time or scope.
     
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