2019

Evidence on official site
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POL00021447

POST OFFICE LIMITED AUDIT AND RISK COMMITTEE MEETING
Strictly Confidential

MINUTES OF A MEETING OF THE AUDIT AND RISK COMMITTEE OF POST OFFICE LIMITED HELD ON WEDNESDAY
29 MAY 2019 AT 20 FINSBURY STREET, LONDON EC2Y 9AQ AT 14.00 PM

Present: Carla Stent Chair (CS)
Tim Franklin Non-Executive Director (TF)
Tom Cooper Non-Executive Director (TC)
Ken McCall Senior Independent Director (KM)
In Attendance: Alisdair Cameron Interim CEO (AC)
Ben Foat General Counsel (BF)
Andrew Paynter Group Audit Partner, PwC (AP) (by telephone)
Stewart Light Systems and Controls Director, PwC (by telephone) (SL)
Lucy Mason Group Audit Senior Manager, PwC (LM)
Chris Neale Assurance, Director, PwC (CN)
Johann Appel Head of Internal Audit (JA)
Jonathan Hill Compliance Director (JH)
Deana Hurley Senior Manager, Assurance (deputising for Jenny
Ellwood) (DH)
Tom Lee Head of Finance, Financial Accounting and Controls
(deputising for Micheal Passmore) (TL)
Veronica Branton Head of Secretariat (VB)
David Parry Senior Assistant Company Secretary (DP)
Amanda Bowe Chair, ARC PO Insurance (AB) (item 2.) (by telephone)
Rob Houghton Group Chief Information Officer (item 5.)
Tony Jowett Chief Information Security Officer (item 5.)
Elizabeth Robson Change and IT Director (ER) (item 5.)
Action
1. Welcome and Conflicts of Interest

CS welcomed everybody to the meeting and noted it had been re-arranged due to AC
attending a Select Committee meeting on 21 May.

The Directors declared that they had no new conflicts of interest in the matters to be
considered at the meeting in accordance with the requirements of section 177 of the
Ce ies Act 2006 and th icl iati

Irreleva

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POST OFFICE LIMITED AUDIT AND RISK COMMITTEE MEETING

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POST OFFICE LIMITED AUDIT AND RISK COMMITTEE MEETING
Strictly Confidential

Group Litigation

CN advised that the audit work on Group Litigation would be completed as late as possible
due to the continued movement in the situation and the associated disclosure.

It was noted that it was difficult to provide a reliable estimate for a provision at present
because the claimants had not formalised claims. Management agreed to support PwC to

seek, in writing, from legal counsel, the reasons that POL was currently unable to providea BF
reliable estimate.

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POST OFFICE LIMITED AUDIT AND RISK COMMITTEE MEETING f cost )

Irrelevant

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a BOSTLOERICE PMITED AUD IDAND RISK COMMITTEE MEETING (20st)

Irrelevant

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POST OFFICE LIMITED AUDIT AND RISK COMMITTEE MEETING
Strictly Confidential

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POST OFFICE LIMITED AUDIT AND RISK COMMITTEE MEETING
Strictly Confidential

There being no further business, the meeting closed.

I Carla Stent.

Chairman Date

Actions from meeting

Minute I Action Lead Due
__ Date I
44 ARA 2018/2019 — Group Litigation, provide support to BF ASAP

PwC to seek in writing, from legal counsel, the reasons
that POL is currently unable to provide a reliable
estimate for disclosure.

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POST OFFICE LIMITED AUDIT AND RISK COMMITTEE MEETING
Strictly Confidential

Irrelevant