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News January 2012 Mr Timothy James Hunt, Worthington Nicholls Group plc and member of ICAEW

Mr Timothy James Hunt, Worthington Nicholls Group plc and member of ICAEW

16 January 2012

AADB PN 41

Outcome of Investigation into Mr Timothy Hunt’s conduct in relation to his conduct as Finance Director of Worthington Nicholls Group plc.

In October 2008 the AADB announced an investigation into the conduct of Members and Member Firms in relation to certain events connected with Worthington Nicholls Group plc.

The Executive Counsel has filed a disciplinary Formal Complaint with the AADB in relation to Mr Hunt’s conduct in connection with the preparation and approval of the interim financial statements of Worthington Nicholls Group plc for the six months ended 31st March 2007.

Mr Hunt was the Finance Director of Worthington Nicholls Group plc from 10th January 2007 to 19th September 2007.

The Formal Complaint alleges that Mr Hunt’s conduct breached the fundamental principles of integrity and of professional competence and due care and therefore fell short of the standard reasonably to be expected of a Member of the ICAEW. The breaches occurred in relation to the following areas:

  1. The release of a Regulatory News Announcement (“RNS”);
  2. The release of a Share Placement Letter in a Shareholder Circular;
  3. His conduct at an Extraordinary General Meeting (“EGM”) and a Board meeting; and
  4. The preparation of the Interim Financial Statements for the period ending 31st March 2007, which were released on 29th June 2007.


The AADB is independent of the professions it disciplines and operates in the public interest.

An independent Disciplinary Tribunal will be appointed to hear the Formal Complaint.

The investigation in relation to the conduct of the auditors is continuing.

Notes to Editors

  1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
  2. The Accountancy and Actuarial Discipline Board ("AADB") is the independent, investigative and disciplinary body for accountants and actuaries in the UK. The AADB is responsible for operating and administering independent disciplinary schemes for these professions. The Accountancy Scheme covers Members of the following accountants' professional bodies:- the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy, the Institute of Chartered Accountants in Ireland, the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in England and Wales. The Actuarial Scheme covers Members of the Institute and Faculty of Actuaries (formerly the Institute of Actuaries) and the Faculty of Actuaries (prior to its merger with the Institute of Faculty of Actuaries).
  3. The focus of the AADB is on cases which raise important issues affecting the public interest; other disciplinary cases will continue to be dealt with by the relevant professional body. The purpose of an investigation is to determine whether there is evidence of misconduct on the part of Members or Member Firms of the professional bodies. An investigation does not always mean that an allegation has been made or that there is evidence of misconduct on the part of the Member or Member Firm involved.
  4. Disciplinary complaints filed following an AADB investigation are heard by an independent Tribunal which will normally sit in public. If the Tribunal upholds a complaint, there is a wide range of sanctions which it can impose including an unlimited fine, exclusion from membership of a professional body covered by one of the Schemes and withdrawal of practising certificates or licenses.


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