Corporates that ignore ‘grey swans’ at risk of shareholder action, says Aon report

Corporates that ignore ‘grey swans’ at risk of shareholder action, says Aon report

Corporates that ignore ‘grey swans’ at risk of shareholder action, says Aon report

Directors and officers are facing increased risks from ‘grey swan’ risks, with shareholders on average losing 26% of value in their holdings in the year following reputation crises caused by such events, according to a new report from Aon and Pentland Analytics. Shareholder value has fallen by half in more than 10% of 300 corporate reputation crises during the last…

Rims backs safe harbour Covid-19 legislation in US

Rims backs safe harbour Covid-19 legislation in US

Rims backs safe harbour Covid-19 legislation in US

Rims is backing safe harbour legislation to protect businesses from Covid-19 litigation in the US if companies have adhered to pandemic-related federal health guidelines. The US risk and insurance management society also said it will support legislation that addresses businesses’ negligence that results in bodily injury/property damage to third parties, on the condition it does not apply to allegations of…

Irish regulator probes Facebook over GDPR breach as users’ data published online

Irish regulator probes Facebook over GDPR breach as users’ data published online

Irish regulator probes Facebook over GDPR breach as users’ data published online

Ireland’s Data Protection Commission (DPC) is investigating Facebook for breach of Europe’s GDPR, following reports that the personal data of 533 million accounts recently appeared online for free. Designated as Facebook’s lead regulator in the EU, the DPC said it believes “one or more” GDPR rules may have been infringed after details including phone numbers, dates of birth and other…

Microcaptive owners warned by US Internal Revenue Service

Microcaptive owners warned by US Internal Revenue Service

Microcaptive owners warned by US Internal Revenue Service

The US Internal Revenue Service (IRS) has ramped up its examinations of abusive microcaptive insurance arrangements and has urged participants to exit these transactions as soon as possible. The IRS recently won yet another case in US tax court, arguing that such arrangements are not eligible for the tax benefits claimed. “Taxpayers who engaged in abusive microcaptive transactions are once…

Suez Canal chief says financial negotiations underway with Ever Given owner

Suez Canal chief says financial negotiations underway with Ever Given owner

Suez Canal chief says financial negotiations underway with Ever Given owner

The Suez Canal Authority is in discussions with the owner of the containership Ever Given, Japanese firm Shoei Kisen Kaisha, to settle the costs of freeing the vessel from blocking the canal for nearly a week. Speaking to The Associated Press, head of the Suez Canal Authority Osama Rabie said he hoped to reach an agreement outside of the courts.…

SEC set to step up investigations and enforcement in Biden era

SEC set to step up investigations and enforcement in Biden era

SEC set to step up investigations and enforcement in Biden era

Companies should expect more aggressive regulatory and investigative activity from the US Securities and Exchange Commission (SEC) during the Biden administration, with special purpose acquisition companies (SPACS) certain to be one area of focus, experts say. As first reported in Business Insurance, if borne out, the rise in regulatory actions for listed companies and others that fall within the SEC’s…

IUA issues guide to delegated authorities

IUA issues guide to delegated authorities

IUA issues guide to delegated authorities

The International Underwriting Association (IUA) has updated a good practice guide for the appointment of delegated authorities (DAs) in light of insurers’ increased use of outsourcing and recent regulatory developments. While the IUA states that the use of DAs can provide insurance clients with “greater access to capital and expertise”, it also warns that insurers must “exercise appropriate oversight” and…

Italian listed companies face up to the big risk picture

Italian listed companies face up to the big risk picture

Italian listed companies face up to the big risk picture

The Global Risk Report, published every year by the World Economic Forum (WEF) in collaboration with Marsh & McLennan and Zurich, captures global businesses’ perceptions of major risks and their potential medium-term impacts. But what happens when we move from perceptions to actions, when organisations translate their intuitions and forecasts into concrete data? To understand this, Marsh elaborated with Risk…

Ikea France stands trial for staff surveillance

Ikea France stands trial for staff surveillance

Ikea France stands trial for staff surveillance

A French court has opened trial in a prosecution against Ikea France and several of its former executive team accused of spying on staff and illegally collecting personal information. The French subsidiary of Swedish furniture store Ikea is being tried as a corporate entity, while 15 former executives and police officers are also standing trial, including former CEO Stefan Vanoverbeke,…

UK regulators consider powers to tackle D&I in financial services

UK regulators consider powers to tackle D&I in financial services

UK regulators consider powers to tackle D&I in financial services

UK companies that fail to embrace diversity and inclusion (D&I) within their company culture risk tougher regulatory scrutiny and potential sanctions, warned the CEO of the Financial Conduct Authority (FCA), Nikhil Rathi. In a speech to mark a review of the HM Treasury Women in Finance Charter, Mr Rathi said the FCA is currently working with the Prudential Regulation Authority…

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