White paper on Directors’ liability insurance of listed companies From Golden Eagle litigation
The following is the White paper on Directors’ liability insurance of listed companies From Golden Eagle litigation recommended by recordtrend.com. And this article belongs to the classification: research report.
The new securities law has significantly increased the punishment for securities violations, compacted the responsibilities of relevant subjects, and increased the provisions of the class action system with Chinese characteristics, which has unprecedentedly increased the legal responsibilities of listed companies, actual controllers, controlling shareholders, directors and supervisors. Since the formal implementation of the new law, China Securities Regulatory Commission (including its dispatched offices) has successively punished relevant listed companies in accordance with the new securities law. On May 17, 2021, a listed company on the Shanghai main board was suspected of violating the relevant provisions of the new securities law due to financial fraud and other information Phi violations. The company and its actual controller 15 directors and supervisors were punished by Guangdong securities regulatory bureau for a total of 15 million yuan.
On March 26, 2021, China Securities small and Medium Investors Service Center Co., Ltd. issued the statement of the investment service center accepting the entrustment of investors in the civil compensation case of misrepresentation of a Shanghai main board listed company B, and launched the first special representative lawsuit. On November 12, 2021, Guangzhou intermediate people’s court made a first instance judgment on the above case, and 52037 investors awarded a total compensation of about 2.459 billion yuan, The relevant directors, supervisors and senior managers of the company bear 100%, 20%, 10% and 5% joint and several liability respectively according to the degree of fault, and the power of the new law is gradually emerging.
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