The McGraw-Hill Companies (NYSE: MHP) announced that Ray Groves has been appointed as the Ombudsman for Standard & Poor’s effective Feb. 16, 2009. Mr. Groves is the former chairman and chief executive officer of Ernst & Young. S&P announced its intention to create the position of Ombudsman as one of a series of actions the company is undertaking to further strengthen its ratings process, increase transparency and better serve capital markets around the world.
The Ombudsman will report outside of the S&P business units to Harold McGraw III, chairman, president and chief executive officer of The McGraw-Hill Companies, S&P’s parent company, and will have accountability to the Audit Committee of McGraw-Hill’s Board of Directors to provide an independent review of issues and concerns. The Ombudsman will report annually to the public on the activity he has undertaken in the preceding year. Source: McGraw-Hill Companies