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Book Review: The Global Directors and Officers Handbook by Granof & Nicholls

214627_Def_LGlobal Reach, Global Need

In today’s ever expanding global marketplace, the need for executives to be aware of potential liability exposure is greater than ever. To assist in understanding that exposure, the Global Directors and Officer Handbook, published the ABA (get your copy here) and Edited by Perry Granof and Henry Nichols, will be a tremendous resource. This paperback handbook is truly a great overall global guide to Directors and Officers Liability. As the editors point out, the “book is intended to provide an overview of the directors and officers landscape within and outside the United States, with a particular emphasis on those jurisdiction where the majority of business interests are non-U.S. based.”

The book covers 28 countries, including the U.S. and Canada,  in five global regions and is authored by local specialists in every country. Interestingly, unlike in the US and the UK, most countries are statutory law jurisdictions and those differences can have dramatic impacts when trying to understand D&O issues in foreign lands. The editors make an attempt to maintain the framework for each country in each chapter making it easier to conduct comparisons. Each chapter covers the following topics:

  • Statutory and Regulatory Framework
  • Indemnification
  • Regulatory Proceedings
  • Shareholder Representative Actions
  • Insolvencies
  • Arbitration and Alternative Dispute Resolutions
  • Insurance Issues

Interestingly, since English was not the first language of many of the individual authors, certain cultural differences can be gleaned as well as influences those difference have on the substantive law approaches.

The breath of the international coverage, as well as the fact that it has a comprehensive US Chapter makes this book unique.  The work succeeds in its intent to be a reference guide and to give the reader a survey of the topic at issue with furhter references as needed.

For a further review, please see the D&O Diary by Kevin LaCroix.

The book is well laid out and easy to manage and will certainly come in handy when needing to address various key D&O issues on a global scale.

 

 

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15 Excuses For Not Changing And 5 Reasons To Change The Way We Make Change April 1, 2014

Posted in Strategic Planning.

Change is hard for everyone and how and when to change has been debated and discussed in companies since the first company was formed. What is never debated are some of the excuses used for not changing. People are generally resistant to change and despite the need to move forward people generally prefer to live with what they have. Taking a strategic approach to the issues around change itself shuold help to alleviate some of the resistence. In this post we look at changing the way we change.

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Part 3 on Leadership: Challenges and Assistance in Leading Change March 25, 2014

Posted in Strategic Planning.

In Leadership: The Change Process In Claims Requires A Different Approach, I put forth the position that changing a claims organization needs a new brand of leadership skill that does not usually exist in the traditional claims organization. In Part 2 on Leadership: Developing a Strategic Transformation Team, I addressed how to break from existing management process to achieve effective strategic results. In the final installment, I discuss how challenges around leading change make it beneficial to bring in strategic support to help achieve the desired success.

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Part 2 on Leadership: Developing a Strategic Transformation Team March 17, 2014

Posted in Strategic Planning.

Breaking from the linear approach to management is the key to leading Strategic Transformation. A standard organization will have a head of claims and then a variety of department heads to manage each line of business. Depending on the company there may be additional senior managers to handle various operational aspects of the group, which may include support staff, call center, technology and data analytics. Under this method, projects get initiated and managed within the same linear organizational framework. The result of this approach is a development process built in a silo that limits input and understanding of possible interdependencies that may exist outside the framework. In this post we will explore further how a strategic transformation team is formed and can be effective.

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Leadership: The Change Process In Claims Requires A Different Approach March 10, 2014

Posted in Strategic Planning.

Successful organizations are always changing and adopting to improve their operations, lower costs and increase efficiencies. Claims departments are no different and have been under pressure to transform their operations and live by the mantra of doing more with less. Good claims organizations continuously evolve and adapt to ensure they add value to the overall business. Regardless, changing to meet the challenges of the marketplace is often fraught with problems and difficulties. Many initiatives fail to get off the ground or fail in the implementation process. Change can be very successful and if managed and led correctly. To change effectively there must be a strategic approach and a change in how these initiatives are led.

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Claims Challenge: It’s Time for a Change – Are You In? January 14, 2014

Posted in Commentary, My SPOT, Strategic Planning.

Here’s a challenge! Let’s redesign the claims industry. Yes innovation has improved the world of claims over the past few decades to make claims more efficient. As recent catastrophe’s have shown, the industry is much better at responding to losses than in years past. Regardless, claims functions in an assembly line approach. This has of course been a huge improvement and like manufacturing has helped to produce a better more consistent product. Today’s world allows us to collaborate more so my challenge is to tap into your collective experience and come up with even better ideas. What do you think?

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4 Keys to Managing a Successful Outsourced Claims Operation October 30, 2013

Posted in Best Practices, Compliance, Due Diligence, SPOT on Issues.

All things being equal there are many fine TPAs in the market that will provide wonderful service to your insureds in a cost effective and comprehensive manner. Initially you think you have chosen a good one. However, as time goes on you realize you are not exactly getting what you expected from your TPA. So what happened?

It matters little what your reasons for outsourcing were. Bottom line is if you didn’t take certain steps to properly select and manage a TPA you are likely to end up with problems. The partnership you form with your TPA will be fruitful if you take key steps to select and manage them in a way designed to foster long term success.

Learn how in our latest post!

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Kindergarten Management: Getting Back to the Basics June 10, 2013

Posted in Best Practices.

Everything we know in life started back in kindergarten. Kindergarten is where we learned to socialize in groups, lived by rules, played well with others, managed time, took turns asking questions and listened to authority. Success and creativity were rewarded and failures became further learning experiences. The more I thought about this recently the more I realized that kindergarten is a perfect example of a well-functioning organization and management.

We can lean a lot by going back to kindergarten. Bear with me take a look how this would apply in a claims department.

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Claim Files Are Evaluated Using A Form Of Root Cause Analysis So Why Not Do The Same When Evaluating The Department? March 5, 2013

Posted in SPOT on Ops.

Similar to a claim file analysis, operational problems require an assessment as to what happened, how it happened, how could it have been prevented, who was at fault, what’s it going to cost to fix the claim and are there any lessons learned. For example, let’s say payments are being delayed resulting in fines being assessed against the department. If one looks at the fines as a claim one would want to determine what caused the fine? how did it happen? and how can it be corrected? An analysis of the “claim” needs to take place prior to making any decisions. Why not use these smae claim evaluation techniques to understand the operation? In our latest post we give a suggestion for doing just that.

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3 Things Good Claims Professionals Won’t Do January 24, 2013

Posted in Best Practices.

I have audited a lot of claim files over the years and one consistently good claims professionals manage their claim files following best practices. And when looking at these files there are certain patterns that develop. Good claims professionals don’t fail to document, assume things they don’t know and always stick to the basics. Our latest post gives three examples of things NOT to do to become a good claims professional.

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