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- Corporate Governance Seminar - Greece
More than 300 top-level executives of Greek and multinationals firms and organizations attended the one-day event entitled: "Corporate Governance: An uncertain world for corporations and directors" that was held on February 7, 2007 at the Grande Bretagne Hotel in Athens.
AIG Greece and the Hellenic-American Chamber of Commerce co-organized the prestigious conference that was supported by the leading Greek business school, ALBA Graduate School of Business.
During the event, the wide spectrum of “liabilities” facing directors, members of the Board of Directors and enterprises in today’s global market was extensively examined. The importance of Directors and Officers (D&?) liability insurance coverage was highlighted in the context of the increasingly regulated business environment which exposes companies’ senior management to claims arising from a number of stakeholders, including shareholders, customers, employees, etc.
In his opening remarks, Mr. Christos Adamantiadis, Country Manager of AIG Greece, stated that, “Risk has, today, a very wide and complicated meaning for corporations and professionals; whilst some corporate risks have become endogenous to – and therefore effectively managed by - today’s enterprises, there is a growing number of risks related to “corporate liabilities” arising from the external environment, including but surely not limited to: respect of local communities and special interest/social groups, environmental protection, assertive shareholders, customers and employees, active regulatory bodies and many others. Within this framework, directors and officers face multiple threats, including legal action against individual directors, which can seriously divert them from the management and damage the progress of their companies. The insurance industry is responding effectively to these challenges by developing innovative insurance products that offer maximum protection to the business community a gainst the new generation risks”.
Mr. Alexis Pilavios, President of the Hellenic Capital Market Commission (the Athens Stock Exchange Regulating Authority) presented comprehensively the legal framework of Corporate Governance in the European Union and its effects on the business practices. Participants had the opportunity to listen to a stirring presentation, delivered by Mr. Nikos Ebeoglou, President of ALBA Graduate School of Business, on corporations’ responsibility to include, in their business practices, initiatives for their employees, the society and the environment. With his stimulating comments and thoughts, the conference moderator, Mr. Nikos Travlos, Dean of ALBA, contributed to be conducted a fruitful dialogue between the speakers and the audience.
Keynote speaker, Mr. David Wood, Vice President Financial Lines of AIG’s Middle, Mediterranean and South Asia Division shared with the audience his considerable experience from the EU, US and the Middle East in terms of Director’s liabilities. Special emphasis was given not only to the legal framework pertaining to individual directors’ liabilities in the EU countries but Mr. Wood also presented specific claims cases from Greece and Continental Europe. The presentation concluded with a detailed analysis of the coverages offered by D&O insurance programs in Greece and Europe.
It should be noted that AIG Greece, the market leader in the management liabilities insurance sector, is currently offering the following D&O products:
BusinessGuard: The product is addressed to Greek companies listed on the Athens Stock Exchange as well as foreign stock exchanges. BusinessGuard is the sole D&O product in the Greek market which is available in the Greek language.
ManagementGuard: The target market of the new program of AIG Greece is small & medium-sized unlisted companies with maximum annual turnover of €50 Million who need infidelity cover but are also interested in D&O liability insurance.
- Promotion of Product liability and Contaminated Product insurance
solutions at the "FOOD & DRINKS" exhibition
AIG Greece successfully completed a promotion campaign for the Product liability and Contaminated Product insurance solutions during the “FOOD & DRINKS” exhibition that held during February 22-26, 2007 at the Expo Athens exhibition center in Athens.
Responding effectively to the demand of the Greek food & drink market for specialized insurance products, the “Business Solutions” of AIG Greece offers comprehensive product liability programs that adequately cover international as well as local liabilities of any producer, supplier and dealer.
The Products Liability coverage of AIG Greece protects local businesses against the costs of compensating third parties (individuals and companies) in the case of bodily injury or property damage arising out of the product. In addition, it covers the legal costs for defending the action.
Contaminated Products Insurance cover is addressed to food and drink, cosmetics, pharmaceuticals and tobacco companies. The insurance protects against accidental and malicious product contamination that would cause bodily injury due to use or consumption. Cover includes recall costs, loss of gross profits, rehabilitation costs and fees of international crisis management & communication consultants.
It should be noted that both coverages provide worldwide umbrella protection, including U.S.A. and Canada, to businesses with exporting activities.
The unique features of “Business Solutions” suit of products have been rewarded by commercial clients and producers by positioning AIG Greece as the innovation pioneer and dominant player of the Greek liability insurance market.
- Corporate Governance Seminar - Egypt
AIG Egypt Insurance Company is jointly organizing a conference on the "Duties and Liabilities of Directors" with The Egyptian Institute of Directors (EIoD), and International Finance Corporation (IFC), as part of a string of initiatives by AIG in support of the Egyptian government's efforts to improve corporate governance practices in Egypt.
The conference will be held on February 28th for a group of directors and executive managers of listed as well as private and multinational companies to introduce them to the duties and liabilities of directors in corporations.
This is part of the growing emphasis placed on corporate governance in Egypt on the part of the Egyptian government.
Mujib Khan, Managing Director of AIG Egypt Insurance Company said that AIG's initiative resulted in organizing the conference, which reflects the importance of consolidating corporate governance practices according to international standards and raising awareness among executives.
This important conference builds on last year's initiatives when a series of conferences were jointly organized by EIOD, IFC, and AIG Egypt to develop the performance of executives.
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Issue 6 | March 2007