In the inaugural independent limited assurance audit, KPMG issued a clean review conclusion regarding Global Dairy Trade’s compliance with the governance principles for its GDT Events platform. The audit report is available here.
The review findings were presented to the GDT Events Oversight Board at its 16 May meeting in Shanghai and noted by the Board members.
Bill Shields, the Chair of the Oversight Board, welcomed the finding that there were no significant issues with GDT’s adherence to the new governance principles adopted by the Board in October 2016.
“The Governance Principles are modelled on the IOSCO principles (published in Principles for Financial Benchmarks, International Organization of Securities Commissions, July 2013), and are used by the Board to ensure GDT’s compliance to international standards of best practice.
“GDT’s adherence to the Governance Principles is reviewed every three years by an independent external auditor. This inaugural review, undertaken by KPMG, was an important step to provide assurance to the wider market that GDT conducts its operations in compliance with these principles and the GDT Trading Event Rules.”
Eric Hansen Director Global Dairy Trade said: “Over the last two years we have focussed on establishing reliable methods that will enable us to demonstrate GDT’s independence, neutrality and transparency. The Oversight Board has helped with this, and the findings of this review provide an external validation that our GDT Events platform is operating in accordance with the spirit and intent of the governance principles.”
