2023年董事和高级职员责任调查（英）

CLYDE&CoWtW

GLOBALFINEX

Directors1andOfficers1

LiabilitySurvey

2023

Welcometothe2023GlobalDirectors*andOfficers'LiabilityTABLEOFCONTENTS(CLICKONTITLETONAVIGATETOPAGE)

SurveyReportfromWTWincollaborationwithClyde&CoLLP.

Introduction02

Wehavecontinuedtheinternationalscopeofourreport,with

responsesfromdirectorsandriskmanagersin40countriesAbouttheSurvey03

aroundtheworld.Aswithlastyear,thisreportcontains

sectionsonrisksforbusinesses,risksfordirectors,andvariousResponsebyCountry04

directors'andofficers'liability(D&O)insurancecoverage

points.BusinessOperationRisks05

Historicalcomparison06

Wewillbetakinganewapproachwithreportingonthesurveyresultsthisyear.

OurinitialreportwillpresentthesurveyresultsandthenwewillbereleasingaByrevenue07

seriesofseparatearticlesonvarioustopicsinspiredbythesurveyresultsandByregion08

lookingatsomeofthesurveyresultsinmoredetail.PleasecheckourwebsiteWhicheconcomicjisksareimportant?09

forthelatestarticles.

WeaddedafewnewtopicstothesurveythisyearandremovedsomethatRisksforDirectorsandOfficers10

wethoughtwerenolongersorelevant.CybercontinuestodominatetheHistoricalcomparison11

responses,withcybercrimeandhavingsufficientcyberexpertiseappearingTop7risksforDirectorsandOfficers-byregion1

astoprisksinseveralregionsandacrossseveralindustries.Theimportance

ofclimatechangeasadirectorriskcontinuestofluctuate,goingdowninTop7risksforDirectorsandOfficers-byrevenue1

importanceinsomeregionsandindustriesandsignificantlyupinothers.ItisTop7risksforDirectorsandOfficers-byindustry14

nowthenumberoneriskfordirectorsintheEnergyandUtilitiessector.Wealso

addedaquestionabouttheimportanceofhavingESGcoverageunderaD&O

policytooursurveyforthefirsttime,totryandreflecttheincreasingpublicDirectors'andOfficers,insurancecoverage15

discussionaroundthistopic.However,onlyinAustralasiadidrespondentsTop7D&Oinsurancecoverageareas-byregion16

considerthiswasinthetop7ofcoverageissues.Indemnification17

WehopethisgivesyouaninterestingtasteroftheresultsfromthesurveyInsurancepolicy-limits,retentionsandpremiums18

andwhetsyourappetitetofindoutmore.IfyouhaveanyquestionsaboutAlternativeRiskTransferoptions19-20

theresultsorthetopicsweaskedabout,orifyouhaveanysuggestionsfor

questionswecouldcovernextyear,pleasedocontactanyofthepeopleshown

inthecontactpagesattheendofthisreport.Appendix-DetailedResults21

AngusDuncanDirectorsandOfficersriskrankingoverview22

GlobalD&OCoverageSpecialist(exNA)Historicalcomparison23

+442031248386Byregion24

VIangus.duncan@

Byrevenue25

/JamesCooperByindustry26

▲Partner,London

一7+442078766388

符iames.cooDer@Contributors27

Directors'and

ResponsesBusinessRisksforDirectorsAppendix-2

IntroductionAbouttheSurveyOfficers,insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

AbouttheSurvey

Globalresponses

Revenue(USD)

■IndustrialEnergy&Utilities

■ServicesHealthcare

■Transportation&Retail■Other

FinanceandInsurance

Note：RevenuesinEUR,GBP,JPYandCNYwereconvertedtoUSDwithratesasofNovember8,2022.Percentagesmaynotaddupto100%duetorounding.'Don11know'responseshavebeenexcluded.

Source：2022/2023Directors'andOfficers'LiabilityInsuranceSurvey

Directors'and

ResponsesBusinessRisksforDirectorsAppendix-3

IntroductionAbouttheSurveyOfficers*insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

Responsebycountry

(Hoveroverthemaptoseepercentagebreakdown)

Note：Percentagesmaynotaddupto100%duetorounding

Source：2022/2023Directors'andOfficers'LiabilityInsuranceSurvey

Directors*and

ResponsesBusinessRisksforDirectorsAppendix-4

IntroductionAbouttheSurveyOfficers*insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

Businessoperation

risks

Directors'and

ResponsesBusinessRisksforDirectorsAppendix-

IntroductionAbouttheSurveyOfficers*insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

Businessoperationrisks

Historicalcomparison

Howsignificantdoyouthinkthefollowingissuesareforyourorganisation'sbusinessoperations?

Whilstitisnotsurprising202320222021

thateconomicrisksremain

theno.1risk,thefactthatEconomicrisks67%

significantlyfewerdirectors

seethemassignificantis.

Cyberrisks62%67%

Intermsofemergingrisks,

regulatory/legislative

changecomesstraightinatRegulatory/legislativechange61%

number3foritsfirstyear,

whilstgeopoliticalriskshave

increasedinimportanceGeopoliticalrisks46%44%38%

(upto4thplacefrom6th

lastyear)althoughperhaps

COVID-19andlockdown

lessthanmighthave42%76%

measures

beenexpectedgiventhe

Ukraineconflictandother

Technologicaladvances42%

internationaltensions.(artificialincelltgenceandmachinolea10x19}52%

COVID-19andBrexitrisks,

whilestillinthetop5

continuetodecreasein

importance.

Despitesignificantpublic

andregulatoryattention

climatechangehasfallen

inbothpositionand

percentage.Anotherhigh

profileriskESG,Diversity,

EquityandInclusion(DE&I)

isstillnothighlyranked.

Sample：Allsurveyparticipants.Notethatthe2021surveyhadamorelimitedgeographicscope.

Source：2021-2023Directors'andOfficers'LiabilityInsuranceSurvey(%ofvery*or,extremelysignificant1)

Directors*and

ResponsesBusinessRisksforDirectorsAppendix-6

IntroductionAbouttheSurveyOfficers,insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

Businessoperationrisks

Byregion

Howsignificantdoyouthinkthefollowingissuesareforyourorganisation*sbusinessoperations?

TurningtoregionalEuropeGBAsiaNorthAmericaLatAmAustralasia

differences,climate

changeriskisdown|55%|I|35%

acrosstheboardEconom(crisks70%43%69%89%

exceptintheUS

whereitwasflat,

withthemostCyberrisks64%43%[75%][78%]|65囚

significantdrops

beinginEuropeand|61%||60%||58%]

Regulatory/legislativechange69%34%85%

Asia.

Economicrisks

Geopoliticalrisks66%「2%

arenowseenas

lesssignificantby

GBdirectors(aCOVID-19andlockdown

51%30%60%卜9%

largefall).Thereismeasures

asimilarposition

Technologicaladvances

inNorthAmerica40%42%30%56%

andLatAmbut(artificialintelligenceandmachinelearning)

Europeandirectors

|38%[

havetakenaClimatechange42%22%

differentview.

Geopoliticalriskis

ahighrisk(4)for

Europe,Asiaand

LatAmdirectors

whilstdirectorsin

NorthAmericaare

lessconcerned.

Sample：Allsurveyparticipants

Source：2022/2023Directors'andOfficers'LiabilityInsuranceSurvey

(%of'very,or'extremelysignificant')

Directors,and

ResponsesBusinessRisksforDirectorsAppendix-

IntroductionAbouttheSurveyOfficers*insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

Businessoperationrisks

Byrevenue

Howsignificantdoyouthinkthefollowingissuesareforyourorganisation*businessoperations?

TherearemarkedLessthan$50million$50milliontoless$1billiontolessthan$5billionormore

differencesthan$1billion$5billion

betweenhow

directorsandEconomicrisks70%52%71%

riskmanagersat

smallcompanies

areratingrisk

comparedtothose

atlargeenterprises.

Regulatory/

legislativechange

isconsideredmore

ofariskatsmall

companiesthan

cyber.

Othernotablerisks,

Technologicaladvances

whicharemore-43%34%35%49%

highlyratedatthe(artificialintelligenceandmadiinelearning)

largestcompanies,

includeclimateClimatechange34%34%56%

changeand

geopoliticalrisks.

I31%|42%|

Diversity,equityandinclusion26%

]16%

Brexit7%11%口14%

Sample：Allsurveyparticipants

Source：2022-2023Directors'andOfficers'LiabilityInsuranceSurvey(%of*very*or'extremelysignificant')

Directors*and

ResponsesBusinessRisksforDirectorsAppendix-8

IntroductionAbouttheSurveyOfficers'insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

Whicheconomicrisksareimportant?

Howsignificantdoyouthinkthefollowingeconomicrisksareforyourorganisation'sbusinessoperations?

Thisyearwesoughtmore

detailonwhicheconomicrisks

respondentsarefocussed

on.Thisshowedanequality

betweeninflationand

recession,withlessfocuson

thejobmarket.Havingsaid

that,thefiguresshowthatmore

than50%ofdirectorsfocussing

oneconomicrisksconsidered

theriskrelatingtothejob

marketisatleastsignificant.

Sample：Onlythosewhobelieveeconomicrisksareatleastsignificant

Source：2022/2023Directors'andOfficers'LiabilityInsuranceSurvey(%ofvery'or,extremelysignificant*)

Directors*and

ResponsesBusinessRisksforDirectorsAppendix-9

IntroductionAbouttheSurveyOfficers*insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

RisksforDirectors

andOfficers

Director

ResponsesBusinessRisksforDirectorsAppendix-

IntroductionAbouttheSurveyOfficers*insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

Top7risksforDirectorsandOfficers

Historiccomparison

201820192on20222023

Weaskeddirectors

about28risks(with['Cyberattack►Cyberattack►

supplementary

questionsonsome

oftheriskareas).#2Dataloss►Dataloss►

Detailedresults

fromthe28risks

Regulatoryrisk(includingRegulatoryrisk(including

canbefoundintheRegulatoryandother

#3threatoffinesandthreatoffinesandCyberextortion▲Cyberextortion

investigations▼

Appendix.penalties)▲penalties)►

OveralltheresultsRiskofahealthand

Regulatoryrisk(including

areveryconsistentHealthandsafetysafety/environmentalRegulatoryrisk(including

#4Litigationrisk▲threatoffinesandthreatoffinesand

；legislation▲prosecutionssafety

withlastyearpenalties)▼penalties)

cyberattack,datalegislation▲

lossandcyber

Riskofahealthand

extortion(thelatterRegulatoryrisk(including

FocusofasocialRiskofemploymentsafety/environmentalHealthandsafety

beinganewrisk#5threatoffinesand

penalties)▼mediacampaign▲claimsprosecutionssafetyprosecutions►

areaidentifiedlastlegislation▼

year)continuing

todominatetheClassactionlawsuits

YourorganisationbeingFocusofasocialmediaYourorganisationbeingaBriberyand

highestranks.In*6againstthecompanyand

avictimofacrime▲campafgn▼victimofacrime▲corruption▲

percentageterms,itsdirectors

cyberrisksareall

significantlyaboveRiskofahealthand

Employmentpracticessafety/environmentalYourorganisationbeingaBriberyandYourorganisationbeinga

otherrisks.#7

claimsprosecutionssafetyvictimofacrime▼corruptron▲victimofacrime▼

legislation▼

▲RiskrankinghasincreasedforD&O,S▼RiskrankinghasdecreasedforD&O's>Riskrankinghasremainedihesame(orD&O's

Sample：Allsurveyparticipants.Note：Rankedbasedonpercentage'very'or'extremelysignificant'foreachrisk

Source：2011-2023Directors'andOfficers*LiabilityInsuranceSurveys

Directors'and

ResponsesBusinessRisksforDirectorsAppendix-11.

IntroductionAbouttheSurveyOfficers*insurance

byCountryOperationRisksandOfficersDetailedResults

coverage

Top7risksforDirectorsandOfficers

Byregion

EuropeGBAsiaNorthAmericaLatAmAustralasia

Climatechange

Ckmate

isinthetop5for#1Cyberattack67%Cyberattack60%▲Cyberattack72%►Dataloss87%▲Cyberattack46%▲

GBandAustralia,change44%▲

havingnot

appearedinthe

Cyber