Graham Cook was part of the Presenting Panel at the recent 𝘐𝘓𝘈 𝘈𝘭𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘷𝘦 𝘐𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘍𝘶𝘯𝘥𝘴 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦 event: “𝗔𝗜𝗙 – 𝗛𝗮𝗻𝗱𝗹𝗶𝗻𝗴 𝗺𝗮𝗰𝗿𝗼𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰-𝗱𝗿𝗶𝘃𝗲𝗻 𝘀𝘁𝗿𝗲𝘀𝘀 𝘀𝗶𝘁𝘂𝗮𝘁𝗶𝗼𝗻𝘀”. ILA described the event as: “The highly topical issue of how members of governing bodies of funds and their managers can prepare and deal with macro-economically generated stress situations was examined from various perspectives.”
Graham Cook is taking part in an event organised by the 𝘐𝘓𝘈 𝘈𝘭𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘷𝘦 𝘐𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘍𝘶𝘯𝘥𝘴 𝘊𝘰𝘮𝘮𝘪𝘵𝘵𝘦𝘦. The event on 6th March is entitled “𝗔𝗜𝗙 – 𝗛𝗮𝗻𝗱𝗹𝗶𝗻𝗴 𝗺𝗮𝗰𝗿𝗼𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰-𝗱𝗿𝗶𝘃𝗲𝗻 𝘀𝘁𝗿𝗲𝘀𝘀 𝘀𝗶𝘁𝘂𝗮𝘁𝗶𝗼𝗻𝘀”. The AIF Committee aims to help the members of governing bodies of funds and their managers understand and prepare for potential macroeconomics-driven stress situations.
It was a pleasure to attend the A&O Shearman Luxembourg event on 19th November at their impressive lecture facility. The event, Duties and Personal Liabilities of Directors in Luxembourg, was really informative. The key takeaway was delving into the details of the challenges that directors face. It provided a far greater understanding of distressed situations than purely the associated duties and personal liabilities. The information around cybersecurity risks and how active A&O Sherman is with clients was also really interesting. Congratulations to the A&O Shearman team and looking forward to future events.
The Talisman Sarl ‘Grand Tour’ of golf took place on 17th September, and good fun was had by all. Sadly, we couldn’t attend the ILA Golf Day this year due to a clash of dates – it’s a highlight of our business calendar. So, we created our own event, playing at Mercure Luxembourg Kikuoka Golf & Spa , then post-match celebrations at the Golf-Club Grand-Ducal De Luxembourg. Vintage Talisman golf shirts were the order of the day. Thank you to everyone who played and made the day so entertaining.
Whether we are supporting a corporate or individual executive, we like to say we are ‘proactively different brokers’. It’s the theme running through this website, and also this little clip which we released on our LinkedIn page today.
The Institut Luxembourgeois des Administrateurs (ILA) ran a training event on 3rd May: “So you want to be a Director – practical aspects to organise yourself as a non-executive director.” This inspired us to create a list of some items to consider when undertaking ID/NED roles:
* Don’t become so busy reviewing the risks faced at the organisational level, that you overlook your personal exposures.
* Establish that an entity Directors & Officers policy exists for each role you undertake, each year.
* Don’t overlook ongoing insurance requirements such as ongoing Duty of Disclosure and notification of any potential claims.
* Informing the entity insurer of key information isn’t just an annual event – it’s continual.
*Consider an additional policy to protect your personal finances and reputation.
View our short film via our LinkedIn page – a long standing client has listed the three things you need to protect yourself as an independent director. We couldn’t have written it better ourselves!
id Linked is hosting an event for its id Ship members, and Pascal Lohest is attending. He would be delighted to see you.
Talisman is an insurance partner of id Linked, and offers a special 10% discount to id Ship members who purchase a Talisman Independent Executive Protection (TIEP) policy. Contact us for more details, or see Pascal at the event!
ChatGPT is definitely a hot topic. Here are two useful insights from the KnowBe4 blog about user behaviour and scammers:
1/ The security dangers of users inserting sensitive company data into the platform: http://bit.ly/3L3EFUr
2/ A financial scam using ChatGPT: http://bit.ly/3F7NwAQ
Source: KnowB4 Blog March 2023.
With increasing administrative and regulatory pressures on each INED’s time, not having sufficient time to fully address one’s own risks and protection is perhaps relatable to many.
With so many documents to process for every position held, reading each D&O policy for each appointment may not be top of your list.
But it should be a priority as lack of adequate cover could cost you personally – impacting your finances and reputation.
The Talisman survey of delegates at the 2022 ILA Directors’ Day showed that 85% believe that the risk of a liability claim against directors and executives is rising in Luxembourg.
Yet, only 46% check each D&O policy that they have for each role they undertake.
If an allegation arose, how confident would you be that the commercial D&O policy would cover you? And would you have immediate access to independent advice about your personal situation should legal action follow?
Interestingly, only 7% of the survey participants were ‘very confident’ that the commercial D&O policy would cover them adequately. And many others also stated: “you never know until the claim hits…”
But waiting until then may well be too late to access the instant advice and support you need.
A Talisman Individual Executive Protection (TIEP) policy is designed to complement, rather than replace, your entity’s policy. The insurance solution helps protect your personal wealth and reputation, and is compliant with Luxembourg regulations and law.
id Ship members can benefit from a 10% discount when they purchase a TIEP policy. Read about id Linked here. Talisman is an insurance partner of id Linked. We are pleased to offer id Ship members a 10% policy discount on the Talisman Individual Executive Protection (TIEP) policy. T&C’s apply.
The sole purpose of this post is to provide guidance on the issues covered. It makes no claims to completeness and does not constitute legal advice with respect to any set of facts. The information it contains is no substitute for specific legal advice. While every effort has been made to ensure accuracy, Talisman S.à.r.l. cannot be held liable for any errors, omissions or inaccuracies contained within the document. Our Privacy & Regulatory information is within this website.
Source: Talisman survey at the 2022 ILA Directors’ Day, Luxembourg.
Are you overlooking your own risks whilst focusing on the risks at Board level? Our insights from the 2022 survey held at the Institut Luxembourgeois des Administrateurs (ILA) Directors’ Day are interesting. Undoubtedly, the majority of those surveyed considered risks faced by directors & execs are increasing – yet less than 50% of participants check the details of every D&O policy for every role they hold. Understanding upfront what you may or may not be covered for is a vital step. Risks change every year, as do policies and their covers and limits.
For the survey insights please read our latest LinkedIn post here.
Source: Talisman survey at the 2022 ILA Directors’ Day, Luxembourg.
