New legal entity

Since its establishment in 1980, Grant Thornton International has conducted its operations as a not-for-profit membership company organised under the laws of the state of Illinois in the United States. Effective in the latter part of 2007, the Illinois corporation sold its principal operating assets to Grant Thornton International Ltd, a private company limited by guarantee incorporated in England and Wales (UK Company). The UK Company’s offices in London are where most of the Global Leadership Board meetings take place, where the chief executive officer and many key personnel are located and where global administrative and marketing functions are based. Notably, a majority of the other international accounting organisations are organised under the law of England and Wales.

The Illinois corporation continues in existence as a limited purpose entity whose principal assets are the consideration for the sale of its assets to Grant Thornton International Ltd, and all professional indemnity insurance policies covering the period prior to the effective date of the asset sale.