PwC to return to Noble by year-end to review implementation progress

Singapore

NOBLE Group will be taking on board all of PricewaterhouseCooper's (PwC) recommendations to improve its mark-to-market valuation processes, and will engage the auditor again by the end of the year to review its progress on these.

PwC, which was commissioned by a Noble independent board committee to look at the governance framework, valuation methodology and policies of its mark-to-market contracts, had concluded that Noble's approach is "more sophisticated" than that of many non-financial companies, segregates duties between teams that provide key inputs into the model, and takes into account all factors a potential buyer of the contracts would.