The ever-increasing demand for compliance with strict corporate governance codes drives the need for a high degree of awareness at board level, when it comes to D&O cover.
As a director or officer of a company, you assume an elevated burden of responsibility in the performance of your fiduciary duties. Failure to act in accordance with these elevated standards of care can expose you to personal liability.
The Companies Act 71 of 2008 (the “Act”) sets out the obligatory standards of directors conduct under section 76 and under section 77, the liability of directors and prescribed officers. The Companies Act imposes personal liability for breach of duty, which means anyone can sue a company director or officer in their personal capacity for actual or alleged breach of fiduciary duties. You may be held personally, jointly and severally liable for any loss, damages or costs sustained by your company or any other stakeholder because of your decisions and actions
We put a great deal of focus on assisting our clients to structure a D&O policy that will offer the necessary advice and protection to directors and officers. No matter how big or small the Company is.
Our specialists will guide you through the process of securing appropriate cover, ongoing policy maintenance and dealing with claims and reportable incidents.
