Friday, 27 November 2009

Ethical Good Governance!

You will note that subsequent to our publishing this article on what seemed to be dubious and unethical practices rapid changes whave been mad!

In Consideration of Ethical Good Governance!

Is there not a very clear opportunity in such group/organisations of a 'swop hat' mentality as members move from committee to committee with a risk of being in breech of the spirit of diligence and good governance.

Buggins turn on the Knicker Elastic Committee?
Heaven forefend - he was there last shuffle - lets put him on the other Company!
Musical Chairs Perchance?

Perhaps we misunderstood how it works!

Hamish Grossart

Non-Executive Deputry Chairman (52)

Hamish Grossart was appointed an independent non-executive director of Cairn in 1994 and Deputy Chairman in 1996. He has 25 years’ experience on public company boards in a wide range of industries, both in an executive and non-executive capacity.

He is currently also Deputy Chairman of British Polythene Industries PLC,
Chairman of Indigo Vision Group plc
and a non-executive director of Artemis Investment Management Limited.

Cairn Energy Plc
Cairn India CIL

Audit Committee

The audit committee comprises three non-executive directors, all of whom are considered by the Board to be independent. Currently, its members are Iain McLaren (chairman), Hamish Grossart and Dr Jim Buckee. The Board is satisfied that two members of the committee have recent and relevant financial experience. Mr McLaren was formerly a partner at KPMG LLP. Mr Grossart serves on audit committees of other listed companies and trained as an investment banker. The Board considers it appropriate for Mr Grossart to remain a member of the audit committee for the time being to ensure continuity given that Iain McLaren and Dr Jim Buckee are new members of the committee.

All meetings of the audit committee are also attended by the external auditors and by the internal auditors. The external auditors receive copies of all audit committee papers (including papers to be considered at meetings when they are not in attendance) and minutes of all committee meetings. In addition, the chairman of the committee regularly meets with the external audit partner to discuss matters relevant to the Company.

The role of the committee includes:

monitoring the integrity of the financial statements of the Company and formal announcements relating to the Companys financial performance and reviewing any significant financial reporting judgements contained in them;
reviewing accounting policies, accounting treatments and disclosures in financial reports;
reviewing the Companys internal financial controls and internal control and risk management systems;
monitoring and reviewing the effectiveness of the Companys internal audit function;
overseeing the Companys relationship with the external auditors, including making recommendations to the Board as to the appointment or reappointment of the external auditors, reviewing their terms of engagement, and monitoring the external auditors independence, objectivity and effectiveness; and
reviewing the Companys whistleblowing procedures and ensuring that arrangements are in place for the proportionate and independent investigation of possible improprieties in respect of financial reporting and other matters and for appropriate follow-up action.

Committee Members

Iain McLaren, Chairman

Hamish Grossart

Dr Jim Buckee

To view the relevant page of Cairn blurb CLICK HERE & HERE

Hamish McLeod GROSSART52 born 07-Apr-1957
SPECulative Society of Edinburgh Member
Non-Executive Chairman joined the board as chairman in 1996.
Cairn Energy PLC
currently also non-executive deputy chairman
Cairn India Limited
a non-executive director Member and Chairman of the Audit, Remuneration, Nomination & Corporate Governance Committees
British Polythene Industries PLC
Deputy Chairman
Artemis Investment Management Limited
a non-executive director

Quality Care Homes
Scottish Radio Holdings
Digital Bridges
Barker & Dobson - (Drayton Consolidated Trust) - Alma Holdings
Royal Doulton
Eclipse Blinds
Scottish Highland Hotels
Hicking Pentecost
EFT Group
He has over 20 years' experience on public company boards, in a wide range of industries,
both in an executive and non-executive capacity, frequently with catastrophic consequences.
He has left:
a long trail of broken lives, betrayed staff, colleagues and women,
who have suffered from his emotional inadequacies and lack of maturity.

A weak and bullying individual,
who brings shame and unhappiness to his children,
and those who misguidedly cared for him, as he sets out to prove his worth to himself. 

Always acting egocentrically at the expense of those he can bully, exploit and control.
An emotional Narcissist & a manipulative sociopath.
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