Ernst & Young to implement UK Audit Firm Governance Code globally
5 July 2010: Ernst & Young today announced that it is implementing the UK Audit Firm Governance Code at a global level as well as in the UK. Ernst & Young’s 2010 Global Transparency Report, which will be issued in September, will include all disclosures required by the Code.
Jim Turley, Global Chairman and CEO, Ernst & Young said, “Although the Code technically applies only to our UK business, as a globally integrated organisation, we believe it is most appropriate for us to implement the Code’s principles on a global basis also.”
Scott Halliday, Managing Partner, UK & Ireland, Ernst & Young said, “One of the important provisions mandated by the Code concerns the appointment of independent non-executives. We intend to make these appointments at a global level and ask appointees to join our Global Advisory Council, our main governance body, which oversees strategic decisions, important appointments and all public interest aspects of our decision making.”
Turley added, “Including individuals from outside Ernst & Young on the Global Advisory Council will bring to the senior leadership of our global organisation the benefit of significant outside perspectives and views, and we are very excited about this opportunity.”
Ernst & Young expects to draw on the experiences of high level professionals with globally diverse backgrounds in regulation, business, public service or academia. Appointments of the independent non-executives will be made in the near future.
Sarah Jurado