Directors and officers liability insurance for bribery and corruption
Australia is taking steps to strengthen anti-bribery laws, which had previously been criticised as being ineffective, inadequate and under enforced.
Companies implicated in bribery and corruption here or abroad are at risk of prosecution. Reflecting the increasingly borderless world in which companies operate, regulators around the world are collaborating and sharing information as part of a global effort to apply greater scrutiny on the way companies and individuals behave.
The heightened focus makes it ever more critical that companies put in place procedures to identify bribery and corruption risks. They must also implement systems to address those risks and discourage illegal behaviour.
This paper examines the extent of cover available under a directors and officers (D&O) liability policy for a bribery and corruption event.