What is the test for determining whether a corporate officer or director was a "managing agent" for purposes of section 3294(b) of the Corporations Act?

Taking the evidence in the light most favorable to plaintiffs, the court found there was "no evidence at trial that a corporate officer or director knew of, authorized, or ratified Conway's fraud. Thus, the question appears to be whether Conway was a 'managing agent' for purposes of" section 3294(b). The court relied on White v. Ultramar, Inc. (1999) 21 Cal.4th 563, 577 (White), for the proposition that a managing agent for punitive damages purposes requires a showing that "the employee exercised substantial discretionary authority over significant aspects of a corporation's business." The court concluded the evidence was insufficient to meet that burden as to

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