Several leading City institutions have issued guidance on directors' and officers' liability (D&O) cover, the provision of which forms part of the Ccombined Code of corporate governance
Several leading City institutions have issued guidance on directors' and officers' liability (D&O) cover, the provision of which forms part of the combined Code of corporate governance
The Institute of Chartered Secretaries & Administrators, the City of London Law Society, the ABI and Biba said they had been working together to produce guidance on D&O cover following the publication of the Higgs report in January of this year.
The Higgs report recommended that companies provided D&O cover for all non-executive directors.
The new guidance provides a checklist of major issues that prospective directors should consider, the institutions said.
It was designed to help prospective directors understand D&O insurance and to evaluate the kind of cover offered by companies before joining.
The guidance also contains a reminder for existing directors and companies of what to consider when reviewing their D&O requirements.
The guidance is intended for use alongside specialist advice from brokers or legal advisers.
