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Grocery Chain to Indemnify Directors, Officers Against All Litigation Losses
The indemnification agreement that Safeway Inc.'s directors and officers will sign says in part that Safeway's board has determined the agreement is needed 'in order to attract and retain qualified individuals.'
Safeway Inc. will indemnify its directors and officers against all expenses, settlements and other losses incurred in litigation, the supermarket chain said in a U.S. Securities and Exchange Commission filing May 13.
A spokeswoman for the Pleasanton, California-based chain said, "We were sort of outdated in our policies, so we just updated to the normal practice that other companies have."
The indemnification agreement that Safeway's directors and officers will sign says in part that Safeway's board has determined the agreement is needed "in order to attract and retain qualified individuals."
A recent survey found that more companies are increasing the amount of directors and officers liability coverage they purchase.
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