The New Companies Ordinance: Implications for Directors & Officers Liability Insurance
25 February 2014
Mayer Brown JSM Legal Update
With the new Companies Ordinance coming into force next month, what are the considerations for companies and directors when taking out Directors & Officers Liability Insurance? The new Companies Ordinance codifies the common law duty of care, skill and diligence and introduces a new concept of "Responsible Person". It also clarifies the rules on what the company can and cannot indemnify its directors for. Some matters however still remain unclear.