Officers and directors can be held liable when they commit a criminal act against the corporation, cause financial damage, act exclusively on their behalf and to the corporation’s detriment, or act wrongfully. Officers and directors may be held personally liable in some instances and insured against liability in others, even though their actions would likely subject them to liability except for such indemnification. Normally, a Board of Directors resolution appoints a Chief Executive Officer to manage its entire or substantially all its affairs. Section 5 of the Act provides that violation of Act provisions may cause officers to be deemed “officers in default”, and may result in disciplinary action against those officers. This list would also include an individual who is the President of a company or organization. The CEO directs the Board of Directors and advises the Board on various matters. Further more, the CEO serves as both an agent and fiduciary for the company and acts as a fiduciary to manage the company’s affairs.
To act in good faith: The reasonable man/woman test justifies the expectation that a director should act in good faith and the company’s best interests, with the same skill, care, diligence, and knowledge as is reasonable to expect from a person performing the same functions as a director having similar skills and experience.
Directorsâ€™ and Officers’ Personal Liability: If personal liability applies, a director or officer of the corporation may be responsible for financial harm caused by:
Default on their corporate responsibilities.
They have breached the company’s duty of loyalty.
The misappropriation of corporate assets for personal use or the benefit of another company.
Combine assets of both individuals and businesses.
Conflicts of interest that are not disclosed.
Indemnification of officers and directors refers to the corporation’s reimbursement of expenses incurred and amounts paid for the defense of claims brought against them by corporation members or acting on its behalf. The legislatures of all states acknowledge that without limiting the liability of directors and officers for losses incurred by them, corporations would be hard-pressed to find qualified individuals to serve as directors and officers. Since corporations now have provisions for officers and directors to be indemnified and insured, most state statutes contain indemnification provisions. Where and when indemnification applies varies according to the provisions. The bylaws can include provisions for indemnifying officers and directors.
Officers’ and Directors’ Insurance: Types
A corporation may have a policy covering matters that cannot repay under state law or circumstances. The corporation has neither the financial resources nor the authority to pay the indemnification. Corporations are typically allowed to purchase insurance covering acts of directors and officers. Director’s and officer’s insurance is separate and additional to general liability insurance purchased by the corporation, and it is not cheap. Directors’ and officers’ policies have increased dramatically in cost and been excluded from coverage, as well. An insurance broker can help to determine what insurance needs and requirements the business needs. There are three types of insuring agreements in a typical D&O insurance policy. The three sides are usually called A, B, and C.
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