Solvency II and other regulatory initiatives are not optional but requirements imposed by financial supervisors, so the clubs have little choice but to comply.
But opting to pay Standard & Poor’s (S&P) for a rating is a rather different voluntary business decision, albeit one all 13 International Group clubs have taken.
S&P came under fire for being too “cocky and influential” by George Tsavliris (pictured left) of the salvage group of the same name at the Piraeus Marine Club’s annual P&I conference, as reported in TradeWinds last week.
So
