A trio of aviation brokers is leaving Aon Ltd. in London to join Jardine Lloyd Thompson Group P.L.C.
Deputy Chairman Bill Smith, Executive Director John Cruse and Steve Turnerâ€”all of Aon Ltd.â€™s aviation and aerospace global practice groupâ€”will join JLTâ€™s aviation practice in London â€œas soon as they can,â€ a JLT spokeswoman confirmed.
Aon would not comment on the departures.
â€œWe have a very strong team headed up by Simon Knechtli in the U.K. and by Peter Schmitz globally, and we continue to invest in attracting and retaining the brightest talent in the industry and are committed to expanding this sector of our business,â€ an Aon spokesman said in an e-mail.
The spokeswoman for JLT said it also is â€œactively growing and recruitingâ€ experienced brokers for its aviation business.
SEC proposes board risk management disclosures
Public companies may soon have to disclose more information about their boardâ€™s risk management role and how compensation practices affect the companyâ€™s overall risk profile, potentially broadening the role of risk managers.
Under a proposed Securities and Exchange Commission rule, in proxy statements and other communications to investors, corporations would have to disclose the boardâ€™s role in overseeing measures to manage company risks that include operational, credit and liquidity exposures.
The SEC proposal would challenge risk managers to expand their skill set, said Pete Fahrenthold, managing director of risk management for Continental Airlines Inc. in Houston.
But risk managers also would gain an opportunity to learn more about a wide range of corporate operational and financial risks so they can help deliver consistent information to corporate directors, said Mr. Fahrenthold, who also is vice chair of the Risk & Insurance Management Society Inc.â€™s enterprise risk management committee.
â€œIt essentially creates accountability at the board level for risk,â€ Mr. Fahrenthold said. â€œI think that is a good thing for risk management and the business community in general.â€
The SECâ€™s proposed rule, No. 33-9052, which can be found online at www.sec.gov/rules/ proposed/2009/33-9052.pdf, states that corporate â€œdisclosure might address questions such as whether the people who oversee risk management report directly to the board as a whole, to a committee, such as the audit committee, or to one of the other standing committees of the board, and whether and how the board, or board committee, monitors risk.â€
The SEC plan is among various regulatory and legislative mandates expected to emerge as governmental entities look to shape corporate governance and risk management practices in hopes of preventing recurrence of the credit problems and other issues that led to the financial crisis, several observers agree.
â€œIâ€™m concerned there is going to be a lot of that, not just from the SEC,â€ said Mat Allen, senior vp and practice leader for enterprise risk services and solutions at Marsh Inc. in New York.