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Timothy Fletcher, Elizabeth Mutton, Kelsey Owen
On May 20th, Aon hosted an insightful IPO Readiness Panel in San Francisco’s historic Jackson Square, a neighborhood that was once a hub for gold rush-era prospectors and is now home to today’s pioneers: venture-backed startups, AI innovators, and the capital that fuels them. It’s a place where history meets ambition—mirroring the journey to going public.
The panel, featuring Kelsey Owen, Dan Angius, Christopher Martin, Pete McGoff, and Brad Weber, covered various aspects of preparing for an IPO, from early planning and auditor independence to cybersecurity, financial disclosures, and the power of company culture.
Key takeaways from the discussion:
▼- Early Planning: Companies should begin planning for the IPO process as early as possible. Filing with the SEC, particularly the S-1, requires significant preparation. Proactive measures, such as audit readiness and establishing robust compliance programs, enable companies to navigate the IPO process efficiently and avoid costly delays.
- Auditor Independence: Auditor independence is essential for the credibility of financial statements during an IPO. Adhering to independence rules avoids delays, extra costs, and the need to find replacement auditors.
- Cybersecurity: Cyber breaches can lead to substantial financial and reputational damage. It is essential for companies to establish a comprehensive cybersecurity strategy, including a network of advisors to consult in the event of a breach. During the IPO process, D&O underwriters will closely examine the company’s cybersecurity measures to assess risk and ensure adequate protection against potential threats.
- SEC Compliance: To ensure integrity and transparency in financial reporting during an IPO, companies must provide accurate and balanced information to investors. This involves close scrutiny of user metrics, financial measures, and overall disclosure practices to protect against misleading or overstated claims.
- Company Culture: Going public is an organization-wide effort. Succession planning, governance policies, procedures, and training are essential. Communicating the company’s culture and core values can be crucial in acquiring potential investors and retaining employees.
Frequent discussions around this topic are important. Similar themes were discussed at our event in New York and a recent webinar, but evolving risk and macroeconomic trends change daily and impact D&O liability.
The D&O insurance market is stabilizing, and companies preparing for an IPO should consult with D&O underwriters to ensure policies and pricing reflect current trends. A knowledgeable broker and experienced advisors can tailor coverage to meet specific needs, offering protection against claims and enhancing appeal to investors and board members. Aon can guide clients through the complexities of going public, including the placement of D&O insurance, navigating corporate governance considerations and ensuring the board of directors is well prepared for their new oversight roles. Choosing a trusted advisor will ensure your company is well-protected for potential litigation and positioned for long-term success after going public.
If you have any questions about your coverage or are interested in obtaining coverage, please contact your Aon broker.
Related Insights
- D&O Risks and Considerations for Businesses Planning an IPO
- Preparing for an IPO - A Board Members Perspective
- Equity Strategy on the Path to IPO
About Aon
Aon (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that help protect and grow their businesses.
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