With an endowment of $6 billion, the J. Paul Getty Trust can afford an excess of caution. Last fall the California attorney general’s office appointed a monitor for the Getty, which was under investigation for failing to prevent alleged wrongdoing by its former president and trustees. In February the trust announced that it was voluntarily subjecting itself to another layer of scrutiny by tapping Deloitte Financial Advisory Services LLP to conduct an ongoing compliance review.
Hiring an auditor on top of a monitor is an unusual but smart step, according to several observers. “I don’t see any downside,” says Lawrence Finder, a former U.S. Attorney now at Haynes and Boone. “If there’s a problem in the future, the trust can say, ‘Look, we went the extra mile in the past. We shouldn’t be penalized.’” But, Finder acknowledges, “it’s a very expensive proposition.”
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