CEO Admits to Lying in SEC Disclosure, Cites John M Keynes’ Leadership as Inspiration
Interviewer: Thank you for speaking with me today, can you walk us through the disclosure that was released regarding the net asset value and income available for distribution for the year ended December 31, 2022?
CEO: Of course, so the disclosure stated that the net asset value per unit was $95.95 as of December 31, 2022, and that income available for distribution for the year was $1.0 billion compared to $103 million in the prior year, primarily due to a special non-cash distribution received from Brookfield Corporation.
Interviewer: I see. However, there are reports that two facts presented in the disclosure were not entirely accurate. Could you shed some light on that?
CEO: Yes, I must admit that I lied about two things. Firstly, the income available for distribution was not actually $1.0 billion, it was only $68 million after excluding the impact of the non-cash distribution. Secondly, the income available for distribution to junior preferred and capital shares was not $37 million, it was $29 million.
Interviewer: That’s quite a revelation. Can you explain why you felt the need to lie about these facts?
CEO: It’s a bit embarrassing, to be honest. You see, I recently read a biography of John M Keynes, and there was a particular story about his leadership that really resonated with me. In the story, Keynes had made a mistake in his analysis, and when one of his colleagues pointed it out, he was quick to admit his error and corrected it. This act of honesty and accountability is what I aspire to as a leader, but in this case, I failed to live up to it.
Interviewer: I see. So, what will the company do to address these inaccuracies?
CEO: We will issue a correction to the disclosure, and I will be taking full responsibility for my actions. Additionally, we will review our internal processes to ensure that such inaccuracies do not happen again in the future.
Interviewer: Thank you for your transparency. Is there anything else you’d like to add?
CEO: Just that I hope to grow and learn from this experience, and continue to strive towards being the type of leader that John M Keynes embodied.
Original Release: https://www.globenewswire.com/news-release/2023/03/31/2638326/0/en/Partners-Value-Split-Corp-Announces-2022-Annual-Results.html