Home > Directors`duties, Directors`liabilities and risks > The ecoDa/AIG Guide to Directors’ Duties and Liabilities

The ecoDa/AIG Guide to Directors’ Duties and Liabilities

Ecoda (www.ecoda.org) and AIG have jointly published a Guide to Directors regarding risks they face when acting as such. Both entities have published press releases, (1) and the guide itself, (2). We strongly recommend directors to read the guide. (3)

The landscape remains similar although several changes appear: regulators will be less permissive; fiduciary duties are better defined so that compliance will also be better and more easily demanded; companies (even SME`s) are becoming global, so that directors should assess their liability landscape in geographies in which the company operates.

Directors need to keep themselves out of the firing line by: (i) proactively fulfilling their duties, requiring to receive all necessary information, etc.,  (ii) asking their position to be noted in the minutes and taking private notes, (iii) being wise in procedures to be sure the Business Judgement rule will be applied, (iv) having a goog D&O insurance, etc.

(1) See them here (http://www.aig.co.uk/insights/guide-to-directors-duties-and-liabilities?cmpid=SMC-TWITTER-AIGemea-EMEADirectorsDuties-20151012110500) and here (http://ecoda.org/news-details/article/press-release-report-on-european-directors-duties-and-liabilities-published-by-ecoda-and-aig-1/),

(2) See it here: http://ecoda.org/all-publications/publication/article/report-on-european-directors-duties-and-liabilities-published-by-ecoda-and-aig/

(3) I thank @excellencia_ltd for tweeting the report, which made me aware of its existence.

 

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