From Black's Law Dictionary - Material Information (Bolding added by me)

 "When it is revealed to the public, any company or product information that is likely to change a security’s perceived value. Common examples of material information are: bankruptcy filings, board of directors (BOD) change, corporate officers or public accounting firm change, company’s fiscal year change, and financial statement revisions . 

Although I am not for or against the HL idea, if that is what it is, Shawn Lu could easily recuse himself from any discussion or voting on this issue and continue as a Board member for all other business. I believe that if he was removed from the Board, RVX has to inform us.