Lawsuit awards can be incredibly high, and individuals known to have substantial assets are particularly vulnerable. In some cases, the high-stake lawsuits can cause devastating reputational damage. Given the risks and exposure, the need for holistic liability protection is an important issue. Learn the different types of liability insurance available and how to address some of the most common sources of risk, including board membership and social media and online activity.
Board Roles and Responsibilities
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Although public companies are most often the targets of shareholder claims and class-action suits, not-for-profit and private entities are not immune from litigation. As a director, you could be named personally in claims of fraud or financial mismanagement from which the entity’s indemnification provisions and business structure cannot always protect you. It is important to understand the risk of lawsuits—whether brought by shareholder, employee, governmental body, competitor, customer, or other third parties—and how you can be protected.
Playing a Key Role on a Nonprofit Board
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A volunteer position with a nonprofit organization can be an incredibly rewarding experience—both for the volunteer and for the organization. But the path to key leadership roles with such organizations can be tricky to navigate. While the process inevitably will vary from organization to organization, there are a few things that can help with making the transition. Shedd Aquarium Board Member, Lloyd Semple, shares his secrets to board success, including how serving on a junior board can be a great entry point for younger people.
Leading and sustaining an enterprise family that shares the ownership and stewardship of collective family assets can be challenging in the face of growing complexity and diversity. Fortunately, there is a path forward for families to ensure they thrive across multiple generations.