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Message
From: i
Sent: —- 28/06/2018 16:24:24
To:
Mark R Davi
Melanie Corfield {GRO
Subject: ING FOR THE ARA - CONFIDENTIAL AND S! ‘GAL PRIVILEGE
Attachments: DRAFT WORDING FOR THE 2018 ANNUAL REPORT v7 .docx
All
There was a lively debate at the ARC today about the extent of disclosure required, and the pros & cons of the various
options. In particular:
It was recognised that ‘quoting’ the number, gave it a credence that it wouldn’t otherwise have
e The risk of over-stating the quantum was as great as the risk of understating it
= It is relevant that no ‘statement of claim’ has yet been received setting out the quantum of damages, and it was
recognised that this may not be received before the end of the financial year.
It was important that some context be provided to protect the directors so that it is clear that they are not
ignoring the potential impact.
EY have asked us to mock up drafting for them to consider, although it is clear that they will push for a more
conservative view. Accordingly I have drafted the attached versions for consideration and comment. The key difference
is the first one references the £80-£90 figure (and qualifications) and the second version doesn’t.
I would be grateful for your thoughts on each version - the more detail we provide, the greater the chance that EY won’t
consider that they need to include the number in their ‘emphasis of matter’ (which seems to be their likely
outcome). I’m sure I haven’t correctly referred to the document that sets out the quantification of claims and damages
—referred to here as a ‘statement of claim’.
All suggestions, gratefully received,
Jane
® Jane MacLeod
Group Director of Legal, Risk & Governance
Ground Floor
20 Finsbury Street
LONDON
EC2Y SAQ
TESCO SE IS IORIORIORI SRI IG SISK I ORI SSI ICR IGR IG IORIORAGRACI ACI IG III ACACIA IR AK OK Ho
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