Interesting article in the Washington Post by Brooke A. Masters entitled "Enron's Quiet Outages - uncharged in the fraud, Directors settled, resigned, lay low".
Apparently, some people consider that the members of the Board got off lightly. They were not prosecuted in the Bankruptcy case. Some of them had to resign from their other Board positions. They were also sued by some of the investors, claiming insider trading, as the 18 directors could profit by selling their shares while they had information about the real situtation of Enron. Last year 10 of the directors paid $ 13 million to settle the suit. The amount was based on 10% of the profit the directors realized from the sale of their Enron stock. There was also a payment of $ 155 million from the officers and directors liability insurance policy, that covered the other 8 directors. These insurance policies are increasingly expensive and hard to make, as the insurance companies are becoming reluctant to issue them (D&O policies).
It might still be possible for a corporation to contract a D&O policy, but it is practically impossible for an independent director to cover his several board positions in this manner. As the role of the Director of the Board becomes more professional, and that some people specialize in this type of mandate, then an insurance policy geared towards the director and not the company would be a useful proposal.
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