Hires Deloitte Financial Advisory Services LLP to Confirm Progress
February 1, 2007
LOS ANGELES—The J. Paul Getty Trust announced today that it has filed its initial report with the Office of the California Attorney General in compliance with an agreement between the Getty and the Attorney General. The report includes the new and revised policies and procedures approved in April 2006 by the Board of Trustees and implemented by management to improve governance and oversight.
Under the agreement with the Attorney General, the Independent Monitor will review compliance with these new and revised policies and procedures. They were approved by the board based on the outcome of an investigation by a Special Committee of the Board, with the assistance of outside counsel, and in cooperation with the Attorney General’s office and the Council on Foundations.
The Getty also announced that it has engaged Deloitte Financial Advisory Services LLP to assess the Trust’s implementation of and compliance with its new and revised policies and procedures. Based on procedures developed solely by the firm, Deloitte will review policies and procedures related to business expenses, grants, human resources, conflict of interest compliance and employee complaints and whistle blowing.
“While the Independent Monitor Agreement does not call for such an independent third party review, other than the monitor himself, we feel strongly that Deloitte’s involvement in this process will assist both the Independent Monitor and the Getty as we attempt to maximize the effectiveness of the new and revised policies and procedures we have implemented,” said Deborah Marrow, interim president and chief executive officer of the J. Paul Getty Trust.
The confidential report filed yesterday covers a six-month period from July 1, 2006 through December 31, 2006. Two subsequent reports called for by the Independent Monitor Agreement will include results of Deloitte’s reviews for the nine-month period ending March 31 and December 31, 2007, respectively. While the report to the Attorney General is confidential, the key policies are publicly available on the “governance” portion of getty.edu.
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Getty Communications Department
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