Quote Originally Posted by Felonius View Post
Jenny Shipley was on the board of Richina Pacific when it effectively disenfranchised minority shareholders by delisting in New Zealand. The register was moved to Bermuda.

With regard to Insurance, why should the directors be protected if they were found to have traded "recklessly" ?
I believe that this was one of the terms used by the judge.

If I was in the insurance company's boots I would NOT be protecting them. Trading recklessly clearly falls outside the gambit of "reasonable" behaviour.
I didnt know Shipley was on Richina's board, thanks for sharing.

It would be a tough call by insurers to contest any claim, though I clearly see your point and it sounds reasonable.
But there simply wouldn't be any point in having insurance if it didn't cover situations like this, where it would be unreasonable to think there was intentional illegal action, or at least it could be argued so.
So it could be an interesting case if it went to Court. "You were reckless", "But I didnt mean to be"