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Herbert Smith’s former senior partner David Gold has been appointed independent corporate monitor at BAE Systems.
The veteran litigator will have responsibility for monitoring the company’s agreement with the US Department of Justice, which was drawn up earlier this year following an investigation into the company’s contract payments that resulted in a £250m fine.
Gold will review and evaluate the company’s reporting policies and procedures, and submit reports to the Justice Department. He will also serve as an ex-officio member of the external review panel established by the company in 2007.
Gold takes up the role tomorrow (1 September 2010). He will be in the position for at least three years, during which time he will spent at least three days a month working with BAE.
Herbert Smith said in a statement that the role was “personal and wholly unconnected with David’s responsibilities as a partner of Herbert Smith”. The firm also announced that Gold will retire from the firm on 30 April 2011, when he reaches the firm’s retirement age.
While BAE Systems is a client of Herbert Smith, the firm said it has measures to ensure Gold’s employment does need lead to a conflict of interest.
Herbert Smith senior partner Jonathan Scott, who took over from Gold earlier this year (10 January 2010), said: “This appointment’s a mark of some distinction not only for David, reflecting as it does his international standing as one of the City’s leading lawyers, but also for Herbert Smith. We offer David our best wishes in his new role.”