McGraw-Hill names Groves as ombudsman for S&P

By Jennifer Chiou

New York, Jan. 7 - McGraw-Hill Cos. announced that Ray Groves has been appointed as the ombudsman for Standard & Poor's effective Feb. 16.

Groves is the former chairman and chief executive officer of Ernst & Young, the company said in a news release.

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 CEO of McGraw-Hill, S&P's parent company, and will have accountability to the audit committee of McGraw-Hill's board to provide an independent review of issues and concerns.

Groves will report annually to the public on the activity he has undertaken in the preceding year.

"Both the markets and our own employees expect the highest standards of independence, quality and transparency from Standard & Poor's, and its long-term track record speaks to its commitment to these values," McGraw said in the release. "The office of the ombudsman will provide another way for S&P to meet these expectations."

According to the release, the ombudsman will listen to and address issues and concerns raised from both within or outside the company confidentially.

McGraw-Hill is a New York-based information services provider.

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