GovernanceMetrics International
November 10, 2005 |
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Dear Colleague,
This to let you know that GMI has updated the rating reports for BNP Paribas S.A. (Euronext Paris: BNP), Atlas Copco AB (Stockholm Stock Exchange: ATCOA), The Weir Group Plc (LSE: WEIR), Volvo AB (Stockholm Stock Exchange: VOLVB), Siemens AG (Xetra: SIE), and DaimlerChrysler AG (Xetra: DCX) based on recent events. The Independent Inquiry Committee Report on United Nations Oil-For-Food Programme Manipulation found that these companies were involved in illegal payments to the Iraqi regime, indicating an apparent lack of internal controls. GMI has flagged Financial Disclosure and Internal Controls for each of these companies as an area of significant governance concern.
GMI adds red flags to its ratings reports to indicate new sources of concern for companies under coverage that come to light in between scheduled rating releases. To keep you apprised of these changes, unless instructed otherwise, we will send you an e-mail message alerting you to these changes as we make them. For more information on these issues and for the complete lists of updates for these companies, please visit the GMI website www.gmiratings.com