First published in March 2003
This edition of INSURANCE & REINSURANCE concentrates on the rapidly changing D&O landscape. A series of spectacular bankruptcies in the USA following in the wake of the collapse of Enron, and the notorious Sarbanes-Oxley Act have turned this market on its head. In the UK there has been considerable corporate governance activity, the Financial Services &Markets Act 2000 is making itself felt, a new Companies Act is in the pipeline added to which the EPL field has seen some colossal awards.
Introduction —the current governance landscape
The Combined Code ("the Code ") is the key source of guidance in respect of corporate governance for UK listed companies.
There is no direct legal sanction for failure to comply with its provisions. The approach taken is "comply or explain". All quoted companies must in their annual reports give a "disclosure statement "in relation to their compliance with the Code.
