By Francis Kean (July 26, 2017, 12:00 PM EDT) -- Most board members make the natural assumption that, provided they have done nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. The forms of protections they typically rely on are the indemnity provided to them by their employer coupled with directors and officers liability insurance. How safe is their assumption, particularly given the marked increase in regulatory investigations involving both individuals and companies? It makes sense to look briefly at both forms of protection side by side. Before doing so, we should also ask ourselves whether the dynamics of the relationship between employer and employee — particularly in the context of regulatory investigations — have changed as a result of the financial crisis and to what extent this has had an impact on the assumption made by directors that they will be looked after....