DBRS Ratings Limited Registers with CESR and Appoints Directors
DBRS Ratings Limited has announced today that on 2 September, 2010, it submitted its application to register with CESR pursuant to Regulation (EC) No 1060/2009 of the European Parliament and of the Council. The Regulation provides a formal framework for the registration, regulation and oversight of credit rating agencies in the European Union (E.U.). In accordance with the regulations for establishing the agency in Europe, DBRS Ratings Limited has formed a Board of Directors that will serve as the E.U. Supervisory Board for the credit rating agency.
The board of DBRS Ratings Limited will initially be comprised of five members: Walter Schroeder, Chairman, DBRS family of companies, David Schroeder, Chief Executive Officer, DBRS family of companies, Daniel Curry, President, DBRS Ratings Limited and DBRS, Inc., Sir George Mathewson, Independent Non-Executive Director, and Juan Carlos Garcia Centeno, Independent Non-Executive Director. The Board of Directors will also oversee the activities of DBRS, Inc., the U.S.-based sister company of DBRS Ratings Limited. Brief biographies of each Director are included at the end of this press release.
Beyond its primary role of acting as the E.U. Supervisory Board, the Board will have the typical responsibilities of a Corporate Board of Directors, including reviewing and setting corporate vision, mission, and values, reviewing and setting corporate strategy and structure, delegating authority to the senior executive team, as well as exercising accountability to shareholders and stakeholders, including regulatory bodies and DBRS clients.
DBRS is independently owned and operated. It is not affiliated with any institution or organisation and does not partake in any trading or underwriting activities. DBRS helps create greater transparency in the market by providing investors with tools to make informed investment decisions. DBRS provides investors with detailed surveillance reports, in-depth company reports, industry studies, commentaries and peer group assessments. DBRS also provides data-feed services and to ensure full transparency, its website includes information related to its code of conduct, key rating methodologies and policies, and rating default and transition studies.
Biographies of the Board of Directors:
The Independent Non-Executive Directors:
Sir George Mathewson
Sir George Mathewson is the former Chairman of the Royal Bank of Scotland Group plc. He joined RBS in 1987 and was appointed Group Chief Executive in 1992, becoming Chairman in 2001. Sir George presided over a major restructuring of RBS followed some time later by the successful takeover of National Westminster Bank in 2001. Following his retirement in 2006, Sir George was appointed as a Director of Stagecoach Group, becoming Chairman in 2010. In 2006, he joined the new Advisory Board for McKinsey & Company European Banking Practice and became Chairman of Old Oak Holdings Limited, a holding company with a substantial hedge fund and private client investment business. In June 2007, Sir George was appointed Chairman of the Council of Economic Advisers to the Scottish Parliament. He is currently a member of the Banco Santander International Board and is Chairman of several private companies.
Juan Carlos Garcia Centeno
Juan Carlos Garcia Centeno is the Managing Director of Sigrun Partners, an independent consultancy firm, which focuses on financial advisory, debt restructuring / refinancing, risk management, investment and divestment advisory. Prior to founding Sigrun Partners, Mr. Garcia was the Spain and Portugal country head for the Royal Bank of Scotland. While at RBS, he advised and arranged major deals for RBS Iberia in Property Finance, Project Finance, Leveraged Finance, Corporate Banking and Financial Markets (including, Cedulas, RMBS, CMBS and CLOs). Mr. Garcia will advise DBRS on all structured finance matters.
The Executive Directors:
Walter Schroeder
Walter Schroeder was named Chairman of DBRS in 2008. Prior to this, and since founding the agency in 1976, he has held the position of President. Mr. Schroeder concentrates on long-term planning and strategy setting, using his expertise in key areas such as rating methodology and rating committee.
David Schroeder
David Schroeder was named Chief Executive Officer of DBRS in December 2008 after having served as Chief Operating Officer since 2006. Mr. Schroeder has been with DBRS since 1993. Before assuming his two most recent positions on the Executive Committee, he headed up the Consumer Products/Food Retail/Merchandising/Grain groups and, prior to that, was a member of a variety of analytical groups on the fundamental side of the business.
Daniel Curry
Daniel Curry was hired as President of DBRS, Inc. in December 2008 and is responsible for the direction of the company’s U.S. and European franchises and its strategy for growth. Prior to joining DBRS, Mr. Curry was most recently a Group Managing Director at Moody’s Investors Service, where he co-managed the Corporate Finance Group for the Americas, overseeing the ratings and research on over 2,500 non-financial companies, spanning both investment-grade and high-yield areas.
For more information about DBRS Ratings Limited, please contact Kathy Schroeder, Business Analyst at +44 (0)20 3137 9509 or through email at kschroeder@dbrs.com. The rating agency’s office is located at 25 Copthall Avenue, London, EC2R 7BP.
