atans1

Noble House: Funny this

In China, Commodities, Corporate governance, Emerging markets on 08/10/2015 at 1:38 pm

Noble House is HQed in HK, and listed in S’pore. But its new head of internal audit is based in Stamford, Connecticut in the US: huh? Given all the problems it is facing especially concerns about its accounting practices, I find it strange that the chief internal auditor is not based in its HQ, but a long way away.

The guy has good credentials as an internal audit manager but given that he’s based a lo9ng way from HQ, how is he going to manage his team? If he is employed more for his analytical skills rather than as as a hands-on mgr, why not appoint him as an adviser to the audit committee and the CEO.

Background

Noble has appointed a new head of internal audit. In an email Noble Group CEO Yusuf Alireza said Mr Frank Russo will take charge with effect from Monday (Oct 5).

Mr Russo will be based in Stamford, Connecticut in the US and he will report directly to Mr Alireza and the audit committee.

Mr Russo was previously at GE Capital, where he served as managing director and head of audit for the Energy, Aviation and Insurance businesses. Prior to GE, he spent over eight years at Deloitte and Touche as a senior advisor for Governance, Regulatory and Risk Strategy.

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  1. Maybe 10-15 years ago but not necessary these days. Besides if the employer is desperate enough, the employee sought after enough, that employee can practically chose where he works. In my former day job, 75% of my division worked in HK, a place where I absolutely refused to live in.

    • In 1980, worked in S’pore for a broker HQed in HK but where the finance director (a and shareholder) lived in a London suburb. If you recall, faxes were used to send info. ))))). But he had good Hongkies as his deputies.

      Actually if he had relocated to HK, it would have balloned costs. So he got his way.

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