Insurance cover for directors and officers "woefully inadequate"

Posted On: Jan. 22, 2018 5:31 AM CST

Andrew Watson, head of class action practice at Australian law firm Maurice Blackburn Pty. Ltd., said that the insurance taken out by listed companies for directors and senior officers is "woefully inadequate" and the firms should be forced to take out a minimum level of cover, Financial Review reported. Mr. Watson said that all listed companies should be required to have a minimum of $50 million Australia ($40 million) D&O cover. Companies listed on the ASX200 Australian Securities Exchange need to have a minimum of AUD 100 million cover and those listed on the ASX100 AUD 150 million, he added.