D&O expert Dr. Oliver Sieg in an interview on manager liability and the risks for companies and their directors and officers
With the discussion at the German Lawyers‘ Conference 2014 in Hanover, the issue of liability of directors and officers once again came into the focus of a wider professional audience. In fact, legal practitioners have been dealing with the issue of manager liability and the protection against it since the ARAG/Germenbeck judgment handed down by the Federal Court of Justice (Bundesgerichtshof) some 20 years ago and the appearance of D&O insurance in Germany at around the same time. After well over 1,000 cases, it has meanwhile become general knowledge that directors and officers may be exposed to serious personal risks of claims for damages also where insufficient decisions are taken negligently. To make those risks more transparent and more controllable, one of the world’s leading reinsurers, MunichRe, has now introduced an app for tablets. On the occasion of the launch of this app, MunichRe interviewed the recognized expert for questions of manager liability and D&O insurances, Noerr partner Dr. Oliver Sieg, on this issue. The expert gives insights into the current developments and challenges for managers as regards the aim to minimize the risk of personal liability. The full interview is available here.