Second Audit Committee Leadership Summit

On November 28, 2007, the second Audit Committee Leadership Summit brought together the European and North American Audit Committee Leadership Networks (ACLNs) to discuss the competitiveness of global capital markets, regulatory balance, and the governance of sustainability.

Working with the SEC (PDF) - January 2008
In a session focused on how to work more constructively with the SEC, members were joined by former SEC Commissioner Roel Campos, and former Directors of the SEC's Division of Enforcement Steve Cutler and Bill McLucas. In addition to discussing working relationships with the SEC, members also discussed the global impact of the SEC's work.

Discussion with Treasury Secretary Hank Paulson (PDF) - January 2008
During the meeting, Secretary Paulson provided an overview of the Treasury’s priorities and engaged in a conversation with network members on the following topics: the U.S. regulatory environment and its impact, additional current challenges to the competitiveness of capital markets, and what public companies can do to support the Treasury’s efforts to improve the competitiveness of capital markets.

Commentary on “the governance of sustainability” (PDF) - January 2008
Members discussed their perspectives on how companies are addressing the challenge of sustainability. The discussion at the summit centered on four topics: defining sustainability, identifying drivers and benefits of sustainability, finding a home for sustainability oversight, and sustainabilty reporting and assurance.

Guests who participated in separate discussions at the summit included:

Mr. Roel Campos, Partner in charge of the Washington office of Cooley Godward Kronish and SEC Commissioner from 2002 to 2007

Mr. Steve Cutler, Executive Vice President and General Counsel of JPMorgan Chase and Director of the SEC’s Division of Enforcement from 2001 to 2005

Mr. Bill McLucas, Partner and Co-chair of the Securities Department of WilmerHale and Director of the SEC’s Division of Enforcement from 1990 to 1998

Mr. Henry M. Paulson, Jr., Treasury Secretary of the United States

Network members participating in the meeting included:

Mr. Tom de Swaan, Audit Committee Chair, Royal Ahold and GlaxoSmithKline

Mr. Denny Beresford, Audit Committee Chair, Kimberly-Clark

Mr. Per-Olof Eriksson, Audit Committee Chair, Volvo

Mr. Jan Hommen, Audit Committee Chair, ING

Mrs. Judy Richards Hope, Audit Committee Chair, Union Pacific

Mr. Laban Jackson, Audit Committee Chair, JPMorgan Chase

Dr. DeAnne Julius, Audit Committee Chair, Roche Holding

Mr. Oscar Munoz, Audit Committee Chair, Continental Airlines

Mr. Chuck Noski, Audit Committee Chair, Microsoft and Morgan Stanley

Ms. Pam Patsley, Audit Committee Chair, Texas Instruments

Sir Ian Prosser, Audit Committee Chair, BP

Ms. Guylaine Saucier, Audit Committee Chair, Areva

Dr. Klaus Schlede, Audit Committee Chair, Lufthansa and Deutsche Telekom

Mr. Gerhard Schulmeyer, Audit Committee Chair, Zurich Financial Services

Mr. Sandy Warner, Audit Committee Chair, General Electric Company