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Live news: Dominic Barton appoints Rio Tinto president

KPMG blocks referral to former insolvency because of Silentnight scandal

KPMG will not mention any work related to restructuring its former business as Interpath Advisory in the latest scandal from the sale of bed maker Silentnight to a holding company. private.

The decision is part of KPMG’s efforts to repair its image following a series of fines and investigations.

It has also sought to remove the threat of a bidding ban for UK government consulting work by temporarily withdrawing from pitches for new public contracts, the Financial Times revealed today. Friday.

KPMG sold its 550-person restructuring and default unit, now renamed Interpath Advisory, to private equity fund HIG Capital in May for more than £350 million.

Three months later, the Big Four company was fined £13 million by an industry court due to a conflict of interest in its former restructuring business when it advised Silentnight to enter management in 2015. 2011.

KPMG’s sale of Interpath allowed the restructuring firm to win work from Big Four corporate audit clients because it eliminated the possibility of a conflict of interest.

However, KPMG has now decided not to recommend any work to Interpath, although there aren’t any barriers to doing so under the terms of the sale, according to people familiar with the matter. .

Read more about KPMG.

Dominic Barton appoints Rio Tinto president

The ambassador to leave Canada in Beijing has been appointed president of Rio Tinto, the global miner that derives most of its revenue from supplying iron ore to China’s steel industry.

Dominic Barton, who is known for leading the management consulting firm McKinsey for nine years through 2018, will replace Simon Thompson after the company’s AGM in May.

In a statement, Barton said he looks forward to working with Rio’s board to execute on a strategy that puts “decarbonization at the heart of our business” and focuses on “building and sustaining trust” trust with host communities”.

Rio cited its close connections to China, experience presiding over Vancouver-based miner Teck Resources and “a proven ability to lead a Board of Directors” as reasons for his appointment.

The Anglo-Australian group launched its search for a new chair in March after Thompson announced he would not run for re-election at the organization’s AGM in 2022. He said he was “ultimately responsible for the failures” leading to the destruction of a cathedral. Aboriginal site in Australia.

“The tragic events at Juukan Gorge are a source of personal sadness and profound regret, as well as a clear violation of our values ​​as a company,” Thompson said.

Rio’s board of directors has faced a storm of criticism for its initial decision not to fire any executives following the incident in May 2020.

Pressure from Australian pension funds and other investors eventually forced chief executive Jean-Sébastien Jacques and two other senior executives to step down. The miner tried to repair his relationship with the native groups.

Read more about Chair Rio.

https://www.ft.com/content/60522e58-03a6-42ac-91af-5d6c9217ec78 Live news: Dominic Barton appoints Rio Tinto president

Huynh Nguyen

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