Kuwait Insurance Forum

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Holman Fenwick Willan. International law firm founded 125 years ago, advising on all aspects of international commerceA law firm that recognises that transportation, insurance, trade and finance are inextricably linkedOver 250 lawyers operating in nine countries, we have an extensive network of le

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Kuwait Insurance Forum

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1. Kuwait Insurance Forum Corporate Governance in the Insurance Sector

2. Holman Fenwick Willan International law firm founded 125 years ago, advising on all aspects of international commerce A law firm that recognises that transportation, insurance, trade and finance are inextricably linked Over 250 lawyers operating in nine countries, we have an extensive network of legal contacts and experts which we can mobilise, as required Lawyers from over 12 countries 30 languages spoken in the firm

3. Insurance and Reinsurance Areas of expertise include: Corporate and regulatory insurance Coverage issues Policy interpretation Subrogation and recovery Captive insurance / reinsurance Errors and omissions coverage Insolvency and schemes of arrangement Contract drafting Crisis Management

4. Middle East Regional Office The regional office in Dubai is backed up by the expertise of the international Insurance & Reinsurance Group, consisting of more than 40 lawyers worldwide Michael Pilkington, Rula Dajani and their team deal with all dispute resolution, corporate and regulatory aspects of the insurance industry Members of the team have in-house industry experience and considerable experience of the London insurance / reinsurance market The team has established contacts with relevant insurance regulatory bodies, onshore at Ministry level and in the region's financial centres at Dubai Financial International Centre and Qatar Financial Centre

5. Structure What is it? Regulatory rules Listed company guidance Regional issues

6. What is it? A lawyer's view: the legal rules relating to the distribution of power and responsibility within a company A banker's view: the governing structures and relationships and practical checks and balances within the organisation which allow an investor to understand how the business is being run and how decisions which affect the value of his investment are being taken

7. No single definition! Australian Working Group, 1995: "There is no simple universal formula for good governance. Companies vary so greatly in size, complexity, ownership structure and other characteristics that what is ideal in some cases may be inappropriate in others … as companies and industries change, ways of governing need to adapt. Tried and proven structures and processes can help to improve governance, and can play an important role in building shareholder confidence in the soundness of their investments and thus a company's ability to attract capital".

8. Board and Shareholders Board manages subject to the exercise of voting power by the shareholders … but The Board of Directors The Regulators Shareholders The Employees Financiers Customers and Suppliers The Auditors

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