A big congrats to our CEO John Schlichte and COO Michael Wade for being featured in “The ESOP Company Board HandBook” (Second Edition).
John and Michael co-wrote a chapter to cover Directors, Officers, and Fiduciary Liability Insurance for ESOP Companies. In the chapter, they address:
- Duties of Directors and Officers
- Legal Exposure for Directors and Officers
- Components of D & O Insurance
- Fiduciary Liability Coverage
To conclude, they write “The best risk-management practice is to abide by the duties of a director and officer to follow the duty of care or due diligence, the duty of loyalty, and the duty of obedience. With the responsibility of leadership, a director, officer, or fiduciary must always act in the best interests of its employees, stockholders, and stakeholders. Following the implementation of the above-listed duties, a company representative should carefully consider the purchase of D & O insurance and Fiduciary insurance to safeguard the assets of individual director and officer, fiduciary, and a company. A company should contact its trusted advisors (including legal counsel and insurance agents) for a complete and thorough review of the necessary coverages for directors, officers, and fiduciaries.
To check out the publication – click here!