-Caveat Lector-
From
http://www.ireland.com/newspaper/world/2002/0201/455622448FR01WAKEHAM.
html
}}}>Begin
UK press watchdog quits over Enron
By Rachel Donnelly
BRITAIN: The multi-million dollar collapse of US energy company,
Enron,claimed a high- profile British casualty yesterday when Lord
Wakeham temporarily stepped down as chairman of the Press Complaints
Commission (PCC).
Although Lord Wakeham, a non-executive director at Enron for eight
years, described his decision as a "matter of honour" while a US
Congressional committee investigated the company's spectacular
demise, pressure had been mounting within political and trades union
circles for him to leave the PCC.
After a stint as energy secretary under the Tories, Lord Wakeham went
on to join Enron's board of directors - with a reported annual salary
of £80,000 - and sat on its six-member audit and compliance
committee. The committee operated as a watchdog over Enron's
accountants and was charged with protecting the interests of
shareholders before the company went bankrupt last December with
debts of £55 billion, prompting one US union to declare that Lord
Wakeham was "not fit to be a steward of investors' money".
Stressing he did not want to see the PCC damaged while speculation
continued about his role at Enron, Lord Wakeham, who is expected to
give evidence to the Congressional committee, said: "As chairman of
the Press Complaints Commission, I am only too aware of the damage
that can be done to individuals and institutions that are thrust into
the public spotlight." Since Enron's collapse, Lord Wakeham had been
unable to make any legal statements or conduct any media interviews
about the collapse because of legal reasons, a situation that added
to speculation about his role.He added: "I therefore see it as a
matter of honour to stand aside temporarily until the report of the
Independent Investigating Commission of Enron is published and
evaluated. I am cooperating actively with these inquiries."
Prof Robert Pinker, a founder member of the PCC and its privacy
commissioner, will take over as acting chairman of the press
regulator.
Downing Street, which has spent much of this week insisting
government contact with Enron was entirely legitimate, said Lord
Wakeham's decision was a matter for him alone. However, the Tories
said it was the "correct decision" which contrasted markedly "with
the government's failure to hold an inquiry into their links with the
company and its auditors." Lord Wakeham was praised for his swift
decision by the PCC's funding body which said his departure would be
a "great loss."
World Economic Forum discusses Enron collapse: Business This Week
© The Irish Times
End<{{{
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