Richard Sheath – Co-founder and Director

Richard 1

I founded Independent Audit (IAL) with Jonathan Hayward in 2002.

Specialising in risk management and internal control, my clients have included Thames Water, Reuters, NFU Mutual, Prudential, Man Group, Rentokil Initial and Simplyhealth.  My work with these organisations has also included board and audit committee effectiveness as well as developing new approaches to reporting.  I’ve also worked with AIM-listed companies in putting sound governance processes and structures in place.

I’m currently a director of Eurochem, a major Russian fertiliser and chemicals company and chair the Audit Committee; I’m also on the Remuneration and Nomination Committee.  Before this I was a director of a large Russian bank, MDM Bank, where I chaired the risk committee.

I’ve tried to push forward thinking in the area of corporate reporting and published two guides on the business review and governance reporting which set out new approaches based on consultation with investors and companies.

Before setting up Independent Audit, I was a partner in the risk management practice of PricewaterhouseCoopers.  Having worked extensively in Belgium, Russia and Argentina, I’ve a good insight into the cultural issues around governance and control (the good and the bad!).  It also means my Russian and Spanish aren’t bad.  I started my working career with the Bank of England and HM Treasury.

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