MANAGEMENT THIRD-PARTY LIABILITY
The Third Party Liability of Directors, Managers and Internal Auditors protects the personal assets of Directors and of Members of the other Management Boards, in case they are asked to join in as a third party for compensation of damages, for example in case of:
- bankruptcy
- state of insolvency
- excessive debt that affects profits and dividends
- false accounting (as the excessive evaluation of left-over stock or the omitted devaluation of collectible credits)
- extraordinary operations (such as transfer of part of an enterprise, merging and acquisitions, capital increase)
- errors and/or omissions (such as the incorrect business plan and the omitted provisions)
- excess or abuse of power (compensation requests by employees for unfair dismissal, breach of contract, mobbing, slander, mistreatment , etc.)
The Policy is taken out by the Company and insures:
- Chairman
- Vice-Chairman
- Directors
- De facto Directors
- Managers
- Internal Auditors
- Members of Board of Directors
- Safety Officer
- Data Controller