New mandatory UK climate change senior managers face ‘quite a task’, warns Clyde & Co

New mandatory UK climate change senior managers face ‘quite a task’, warns Clyde & Co

New mandatory UK climate change senior managers face ‘quite a task’, warns Clyde & Co

Newly mandated climate change senior managers have “quite a task on their hands” as new UK regulations kick in, according to law firm Clyde & Co. UK financial regulator the Prudential Regulation Authority now requires insurers and banks to nominate a senior manager responsible for identifying and managing financial risks from climate change. The new rules, which came into effect…

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

EU compensation rules ‘crippling’ airlines and need reform: Gallagher

Airline compensation laws in the European Union are “crippling” the aviation sector, with passenger damages for flight cancellations and delays of more than three hours rising 300% since 2016, according to Gallagher, which is lobbying for changes to the rules. Gallagher said EU regulation 261, first introduced in 2004, is costing airlines two or three times revenues made on flights…

Airmic to launch online mentoring scheme amid several education initiatives

Airmic to launch online mentoring scheme amid several education initiatives

Airmic to launch online mentoring scheme amid several education initiatives

Airmic will launch an online mentoring programme for members next year, as part of a series of initiatives to help prepare them for the modern world of risk and boost career prospects. The UK risk management association announced the scheme at its ERM Forum this week, alongside a planned competency guide to support members along their career path and news…

Carney gives two years to refine climate risk disclosures

Carney gives two years to refine climate risk disclosures

Carney gives two years to refine climate risk disclosures

Climate risk reporting is too “uneven” and recommendations set by the Taskforce on Climate-related Financial Disclosures (TCFD) must be “refined” before they are likely to become mandatory, said Mark Carney, governor at the Bank of England (BoE). Speaking at an inaugural TCFD conference in Tokyo, Mr Carney said four fifths of the world’s top 1,100 companies disclose climate-related financial risks…

Court approves GDPR class action lawsuit against British Airways

Court approves GDPR class action lawsuit against British Airways

Court approves GDPR class action lawsuit against British Airways

A UK court has approved a GDPR class action for British Airways (BA) customers affected by the airline’s 2018 data breach. Approving a group litigation order, the High Court has opened the doors to one of the first such actions against a company under Article 82 of the GDPR since it took effect across the EU in May 2018. Article…

MGM insurers to pay at least $735m for Las Vegas shooting settlement

MGM insurers to pay at least $735m for Las Vegas shooting settlement

MGM insurers to pay at least $735m for Las Vegas shooting settlement

Hotel group MGM Resorts has agreed a litigation settlement with victims of the 2017 shooting at its Las Vegas resort, which will see its insurers fund at least $735m in claims. MGM said the total settlement will range between $735m and $800m, depending on the number of claimants, and take until late 2020 to complete. Under the agreement, an independent…

South Africa falls in terms of rule of law

South Africa falls in terms of rule of law

South Africa falls in terms of rule of law

South Africa dropped three positions in the past year for overall rule of law performance, to 44th out of 126 countries, according to the latest Rule of Law Index, released by The World Justice Project (WJP). The strength of the rule of law in a country was ranked among the top three considerations when multinationals make decisions about where to…

UK P&I Club issues recommendations after China fines ships over sulphur fuel breaches

UK P&I Club issues recommendations after China fines ships over sulphur fuel breaches

UK P&I Club issues recommendations after China fines ships over sulphur fuel breaches

The UK P&I Club has warned member shipping companies that it has been notified by Oasis P&I Services Company of cases in Guangzhou, Shanghai, Qingdao and some other Chinese ports where local Maritime Situational Awareness (MSA) offices have strengthening supervision and imposed penalties on ships that were found to be in breach of sulphur fuel rules. The club explained that…

Australia’s continuous disclosure regime under the microscope as class actions rise

Australia’s continuous disclosure regime under the microscope as class actions rise

Australia’s continuous disclosure regime under the microscope as class actions rise

The rapid rise in class actions brought in Australia against corporations operating under the continuous disclosure regime for listed companies shows no signs of abating, based on latest analysis from law firm Jones Day in its recently published fifth review of Australian class actions. The recent connected rise in directors and officers (D&O) claims will inevitably continue as a result,…

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