Initiatives

West Audit Committee Network

Fraud. Risk management. Crisis communications. Taxes. Litigation risk. Information technology. More than 50 audit committee chairs residing in or representing companies in California, Hawaii, Idaho, Montana, Nevada, Utah, Washington, and Wyoming have discussed these and other important audit committee oversight issues in our West Audit Committee Network (WACN), founded in 2005. The network is divided into North and South Chapters, which meet separately and together periodically. The network is supported by Ernst & Young.

This dialogue has contributed to enhanced audit committee performance and highlighted opportunities for directors across the region to refine corporate governance practices.

Recent network topics:

Board and audit committee oversight of international opportunities and risks

Members of the WACN North Chapter convened in Menlo Park on February 9, 2012, to discuss board and audit committee oversight of international opportunities and risks. Members discussed the strategic, operational, and compliance risks associated with emerging markets growth, and outlined ways that management, the board, and the audit committee help their companies capitalize on the growth opportunities and mitigate the risks in emerging markets.

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International risks and opportunities

The WACN South Chapter met on January 19, 2012, in Santa Monica, CA, to discuss the board’s role in overseeing international opportunities and risks. Entering or operating in foreign markets brings the potential for significant growth, but also invites risks that demand enhanced oversight at the board level. As one member said, “[Governance of international risks and opportunities] is such a vast, multilayered topic, and the board has to be more aware, more alert, and more proactive.” Members discussed how their management teams and boards have evolved to keep pace with their companies’ expanding footprints.

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Board and audit committee oversight of M&A

A transactions advisor noted that “It is the best of times, and also the worst of times for M&A.” Members shared practices to enhance transaction oversight before, during, and after a deal is announced.

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Crisis management: considerations for directors

Members discussed the impact of new media on corporate communications, including the ability to control messaging in times of crisis. Boards may need to devote greater attention to reputational risks, including risk assessment, preparation, crisis management, and recovery.

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View Network Fact Sheet

Participant Profile

Dean Yoost
West Audit Committee Network - South

Audit Committee Chair, Pacific LifeCorp