BCLC Statements Regarding the Review of Michael Graydon's Resignation from BCLC

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 10, 2014) -

Statement from BCLC Board Chair Bud Smith regarding the Review of Michael Graydon's
Resignation from BCLC

On behalf of the BCLC Board of Directors, I thank the Ministry of Finance's Internal Audit team for their thorough report.

The Board made decisions on the handling of Mr.Graydon's resignation based on the information he provided to us at the time. The Review shows that the information provided by Mr. Graydon to the Board and BCLC was incomplete and/or inaccurate.

BCLC's executive has confirmed the corporation will develop an action plan to address all of the recommendations. I believe that the plan will help strengthen BCLC's policies and processes into the future.

We will ensure that the action plan is completed in a timely manner to the satisfaction of both the Board and the Minister of Finance.

BCLC Statement regarding the Review of Michael Graydon's Resignation from BCLC

BCLC has received the final report into Michael Graydon's departure from BCLC and thanks the Ministry of Finance's Internal Audit team for this report and recommendations.

The audit brought forward information that that was not previously known or disclosed to BCLC.

Based on the findings in this report, while a conflict was found, there was no evidence that he or his new employer benefitted from this conflict. We will await the findings from the review currently being conducted by the Gaming Policy and Enforcement Branch before determining whether any further action is required.

BCLC accepts all of the recommendations in the report and is immediately working to address the recommendations by developing an action plan to bolster the policies and procedures related to employee exits, mobile devices, and will include steps to ensure employees have a clear understanding of their obligations as they pertain to in BCLC's Standards of Ethical Business Conduct.

We will work with Government to adopt and implement consistent post-employment restrictions for appropriate staff when this policy is issued across the public sector.