Fourth Audit Committee Leadership Summit
On June 30 - July 1, 2009, 23 members of the European and North American Audit Committee Leadership Networks, who are audit committee chairs drawn from leading global public companies typically with over $10 billion in revenue, met for the fourth time in Washington, DC to discuss the current issues in financial reporting, regulatory and governance reform, and risk in emerging markets. A summary of the key themes can be found here.
 Current issues in financial reporting: A discussion with Bob Herz (PDF) - July 2009
Members were joined by Bob Herz, chairman of the Financial Accounting Standards Board, for a discussion on current issues in financial reporting, including the debate on fair value accounting and asset impairment, the status of converging US Generally Accepted Accounting Principles with International Financial Reporting Standards, and the implications of accounting change on companies, audit committees, and auditors.
Regulatory and governance reform (PDF) - July 2009
In a dialogue with John White, partner at law firm Cravath, Swaine & Moore LLP and former director of the Division of Corporation Finance at the SEC, meeting participants discussed how the depth of the financial and economic crisis has led to enhanced enforcement by the SEC and European regulators, and the likelihood of more prescriptive corporate governance rules. Meeting participants also discussed the limited progress to date on international regulatory coordination, despite clear signals from national leaders that coordination is essential.
Risk in emerging markets (PDF) - July 2009
Members were joined by Antoine van Agtmael, originator of the term “emerging markets,” chairman and chief investment officer of Emerging Markets Management, LLC, and trustee of the Brookings Institution, for a discussion of geopolitical trends in major emerging markets. Members also met privately to discuss the impact of these trends on their companies and how the audit committee can best provide oversight of risks in emerging markets.
Network members participating in the meeting included:
Mr. Denny Beresford, Audit Committee Chair, Kimberly-Clark
Mr. Aldo Cardoso, Audit Committee Chair, GDF SUEZ
Mr. John Dillon, Audit Committee Chair, Caterpillar
Mr. Gene Fife, former Audit Committee Chair, Caterpillar
Mr. Dick Harrington, Audit Committee Chair, Xerox
Mr. Phil Hodkinson, Audit Committee Chair, BT
 Mrs. Judy Richards Hope, Audit Committee Chair, Union Pacific
Mr. Tom Hough, Americas Vice Chair of Assurance Services, Ernst & Young
Mr. Steve Howe, Americas Managing Partner, Ernst & Young
Mr. Labe Jackson, Audit Committee Chair, JPMorgan Chase
Dr. DeAnne Julius, Audit Committee Chair, Roche Holding
Ms. Marie Knowles, Audit Committee Chair, McKesson
Mr. Daniel Lebègue, Audit Committee Chair, SCOR
Mr. Tom McGrath, Managing Partner, EMEIA Financial Services, Ernst & Young
Mr. Christian Mouillon, Global Vice Chair of Assurance Services, Ernst & Young
Mr. George Muñoz, Audit Committee Chair, Altria and Marriott International
Mr. Oscar Munoz, Audit Committee Chair, Continental Airlines
Mr. Anders Nyrén, Audit Committee Chair, Sandvik and SCA
Ms. Pam Patsley, Audit Committee Chair, Texas Instruments
Mr. Ian Prosser, Audit Committee Chair, BP
Mr. Pierre Rodocanachi, Audit Committee Member, Vivendi
Ms. Guylaine Saucier, Audit Committee Chair, Areva
Mr. Tom de Swaan, Audit Committee Chair, GlaxoSmithKline and Royal Ahold
Dr. Bernd Voss, Audit Committee Chair, ABB
Mr. Sandy Warner, Audit Committee Chair, General Electric Company
Mr. Chris Williams, Audit Committee Chair, Wal-Mart
Mr. Mario Zibetti, Audit Committee Chair, Fiat Group
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