Sydney Process Changes

Sally,

As seen from the chain of e-mails below, Sydney is looking to me for some
process changes. Can you offer guidance, or tell me who to go to for advice?

Sue
---------------------- Forwarded by Sue Frusco/ENRON_DEVELOPMENT on
06/19/2000 02:04 PM ---------------------------
From: Bjorn Hagelmann@ECT on 06/16/2000 08:02 AM
To: Sue Frusco/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: Sydney

After a quick discussion with my group I think Sally B. owns operations. I
guess if Sally is OK with it - I couldn't see why we woulden't be.

Sue Frusco@ENRON_DEVELOPMENT
14/06/2000 13:14
To: Bjorn Hagelmann/HOU/ECT@ECT
cc:
Subject: Re: Sydney

Thanks, Bjorn.

A few weeks back, Sydney started executing their own Confirms, where in the
past, it had been done in Houston by myself. Since I have not heard of this
from Houston, I would not be doing my job if I let this go unquestioned. I
assume this is a policy change?

They are also making advances towards becoming an Asian hub. As such, there
are a few responsibilities that I currently handle, which Sydney is looking
to take over:
- Houston independently reconciles the broker statements daily; the
Settlements Clerk could handle;
- All settlements are approved by me in Houston; the new Settlements Clerk
could handle this as well, or someone
in Houston could signoff on payment before Treasury takes action.

I guess I'm looking for assurances that Sydney is supposed to become a hub,
and some information on exactly how autonomous they should become. Are they
to be completely independent, or are there to be a minimum level of controls
between offices?

Sue

Bjorn Hagelmann@ECT
06/14/2000 12:44 AM
To: Sue Frusco/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: Sydney

I guess I am as good a starting point as any. What can I do for you?

Regards
Bjorn H.

Sue Frusco@ENRON_DEVELOPMENT
13/06/2000 21:14
To: Bjorn Hagelmann@ECT
cc:
Subject: Sydney

Bjorn,

Are you the person to go to for advice on changing Sydney process and
controls? We're trying to address the need for some changes, and I'm not
sure who in Houston to go to for sign-off.

Sue