The transcripts of the official inquiry into the culture, practices and ethics of the press. More…

Both your statement and the skeleton explain how corporate governance works in practice at the Guardian and the Observer. I don't want to ask you much about that, but at the back of the summary of evidence or the skeleton, there's a helpful diagram which illustrates the rather complex structure. I point that out so that the chairman -- you have that, sir.

Can we simply summarise it in this way: ultimately, the Guardian and the Observer do not have a traditional proprietor?

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