News Column

Audit director appointment for Lloyds Banking

May 30, 2014


LLOYDS Banking Group has turned for its new audit director to KPMG, the accountant that faced criticism for its auditing of Halifax Bank of Scotland ahead of its collapse

Lloyds, which bought HBOS in a rescue takeover in 2008, has hired KPMG'sToronto-based partner Mary Hall in a move that helps it in efforts to boost the number of women in top jobs at the part- nationalised institution.

Ms Hall, who has been KPMG's national industry leader for financial services in Canada since 2011, will join the bank in September.

She will formally report to Nick Luff, the Centrica executive who chairs Lloyds's audit committee.

Lloyds currently has 28 per cent of senior roles filled by women.

It wants to see them take 40 per cent of its top 8,000 positions by 2020.

The Government has sought to convince companies to increase the number of women they have in senior positions although it has stopped short of imposing formal quotas.

Ms Hall has worked for KPMG since 1988 and leads a team of 400 people. She previously worked on regulatory issues.

Currently, two of the six members of the audit committee into which Ms Hall will report are women. One of her first jobs is expected to be the tender of Lloyds's audit contract currently held by PricewaterhouseCoopers.

The Financial Reporting Council has said it is considering investigating KPMG's handling of HBOS. But it is waiting for the Prudential Regulation Authority to publish its report into the Edinburgh bank's failure.

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Source: Herald, The (Scotland)