The Guidelines Monitoring Group, a body established to review the private equity industry’s conformity with the Walker Guidelines, has appointed Nick Land as chairman and Glyn Parry as an independent member of the group. Land is a non-executive director on the boards of the Financial Reporting Council, Vodafone Group, Alliance Boots, BBA Aviation and the Ashmore Group. Parry is the director of group financial control at BT Group with executive responsibility for the group’s financial reporting obligations.
The Guidelines Monitoring Group (“the Group”), the body established to review the private equity industry’s conformity with the Walker Guidelines, today announces the appointment of Nick Land as Chairman and Glyn Parry as an independent member of the Group.
Nick Land is a non-executive director on the boards of the Financial Reporting Council (“FRC”), Vodafone Group, Alliance Boots, BBA Aviation and the Ashmore Group. Nick is a chartered accountant and retired as Chairman of Ernst & Young LLP in 2006. He is the Chair of the FRC’s Audit and Assurance Council and a member of its Codes and Standards Committee. Nick is taking over the chairmanship from Sir Michael Rake who has stepped down having served in that role since the inception of the Group in March 2008.
Glyn Parry is the Director of Group Financial Control at BT Group with executive responsibility for the group’s financial reporting obligations as a FTSE 30 UK listed company with a dual US listing. Glyn is a chartered accountant and worked at PwC prior to joining BT in 2002. Glyn is taking over from Alan Thomson as an independent member of the Group.
Baroness Jeannie Drake will continue to serve as the third independent member of the Group alongside two industry representatives: Robert Easton, Managing Director at The Carlyle Group; and Gerry Murphy, Senior Managing Director at The Blackstone Group. The Group monitors its governance arrangements regularly and the composition of the Group is designed to give the independent members a majority.
Nick Land, incoming Chairman of the Group, commented:
“I look forward to working with the Group over the coming years given its essential oversight role in the private equity industry. This includes meeting and exceeding our stated aim of ensuring disclosure and transparency levels emulate those seen in the FTSE 350. However, more importantly, the Group must continue to develop the Walker Guidelines so they remain relevant in line with changing reporting requirements and promote quality, focused and informative disclosure.”
Sir Michael Rake, outgoing Chairman of the Group, said:
“I am delighted to entrust the chairmanship of the Group to Nick Land. Given the breadth of his experience and knowledge I am confident he will continue to drive the adoption and development of the Walker Guidelines. The Guidelines remain essential to demonstrate the private equity industry’s continued commitment to transparency, and both Nick and Glyn will bring fresh insight and credible experience to the monitoring activities of the Group.”
Tim Hames, Director General of the BVCA, said:
“I welcome the Group’s announcement today as Nick and Glyn bring valuable financial reporting experience that will ensure a robust review of the industry’s conformity with the Walker Guidelines. We thank Sir Michael Rake and Alan Thomson for their considerable contribution to the Group since its inception and their unparalleled dedication. The BVCA remains firmly committed to transparency to all our stakeholders through the self-regulatory process enshrined in the Walker Guidelines.”
NOTES TO EDITORS
1. The Walker Guidelines: In February 2007 the BVCA asked Sir David Walker to undertake an independent review of the adequacy of disclosure and transparency in private equity, with a view to recommending a set of guidelines for conformity by the industry on a voluntary basis. This review resulted in the publication of the Guidelines in November 2007.
2. Further information on the Guidelines Monitoring Group and the Walker Guidelines can be found at www.walker-gmg.co.uk
3. Please contact Gurpreet Manku for further information on 0207 420 1854