Definition of Officer

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John Orr

D&O liability insurance policies protect “officers.” But who is an officer? This is a question that insurers and policyholders have struggled with for years. More recently, questions about various new corporate roles and titles have emerged. In the following guest post, John Orr, D&O Liability Product Leader for Willis’s Financial and Executive Risk practice (FINEX), North America, examines the perennial question of who is an officer and proposes a new approach to the issue. The author wishes to express his thanks to his colleague, Lawrence Fine, for his the work they have done together on these issues. This article also appears in Willis’s FINEX Observer publication (here). I would like to thank John for allowing me to publish his article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this site’s readers. Please contact me directly if you would like to submit a guest post. Here is John’s article.Continue Reading Guest Post: Who is an “Officer”? It’s Time to Address This

In a post last week, I wrote about the recurring question of who is an “officer” for purposes of determining qualification for advancement, indemnification, and insurance benefits. I received several comments about the post, including a note from Keith Paul Bishop of the Allen Matkins law firm, who writes the California Corporate & Securities Law blog. Bishop wrote to send me links to two of his blog posts, in which he explored the California and Delaware statutory provisions relevant to the question of, as he put it, “what makes an officer an officer?” His blog posts provide interesting additional perspective on this question.Continue Reading More About Who is an “Officer”

Individuals serving as corporate officers take on significant potential liability exposures in the performance of their duties. As a result, most companies provide their officers with advancement, indemnification, and insurance protection for liabilities incurred while acting as corporate officers. However, it is not always clear who is an “officer” for purposes of claiming the benefits…

gsMany companies provide advancement, indemnification and insurance benefits and protection for their officers and directors. However, it is not always clear who is an “officer” for purposes of claiming the benefits and protection. The long-running and high-profile saga of Sergey Aleynikov, the former Goldman Sachs computer programmer and company Vice President accused of stealing proprietary…