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Thank you for posting Jerry Leishman. It is a significant fine and will be impossible to pay, but sends a clear message that such failures will be progressed in court. For me a take away is that the board, new of the dangers well in advance of the disaster and that they face director liability. That their insurance policies have no ability to cover and several board members including the Chairman have been held liable.
As you rightly point out this sounds very similar to cyber. With cyber regulation setting the compliance bar and the implications to members of the board if they fail to comply, being identified by regulators.
#regulation #goverance #compliance
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