Protect All Your Assets
The law places a standard of care on Directors and Officers of a
corporation or institution to:
- perform their duties in good faith and in the best interest
of the corporation
- not engage in personal activities to the detriment of the
corporation
- not use their position to further their private
interests
Failure to comply with any of these requirements, or to follow
the procedures set out in the Societies Act may place Directors
and/or Officers in a position of negligence.
A Director or an Officer can be held
personally liable for:
- Wrongful dismissal
- Discrimination
- Enforcement of association or government regulations
- Breach of fiduciary duties
- Providing advise to members
- Uncollected withholding taxes
- Inadequate training of volunteers
As the public becomes more aware of the responsibilities of
Directors and Officers, more claims are being instituted against
them by government bodies, suppliers and public activists groups,
among others.
Defense costs may be substantial in addition to any amount for
which the individual is found liable. Your organization may wish to
consider a policy providing protection for this exposure.
For more information,
contact us.
