NACD Convenes Inaugural Advisory Council on Risk Oversight

WASHINGTON, Nov. 14, 2012 (GLOBE NEWSWIRE) -- The National Association of Corporate Directors (NACD) convened its inaugural Advisory Council on Risk Oversight Oct. 29th to discuss the current environment in risk oversight for corporate boards. NACD was supported by partners PwC and Gibson, Dunn & Crutcher LLP.

Amid Hurricane Sandy, members of the delegation met telephonically to discuss the current and emerging risks facing directors. In the abbreviated meeting, the council discussed two important issues: allocation of risk and the new era of reputational risk oversight.

"Assembling directors and key stakeholders is crucial to understanding each party's expectations and making a more informed decision about how to achieve better oversight," said Ken Daly, president and CEO of NACD. "Through advisory councils like this, we can ensure the right subjects are being addressed."

The goal of the advisory council is to identify the specific topics facing committees dedicated to risk oversight, prioritize and develop leading practices to address these topics, then publish the resulting findings. A summary of proceedings from the meeting will be available this month.

Advisory Council Delegates include:

  • David J. Bielenberg, Audit Committee Member, CHS Inc.
  • Enrique H. Boilini, Finance and Risk Committee Chair, Bunge Limited
  • Jenne K. Britell, Audit Committee Chair, Crown Holdings, Inc.; Chairman, United Rentals
  • Howard L. Carver, Audit Committee Chair, Assurant Inc.
  • Virginia Gambale, Audit Committee Member, JetBlue Airways Corporation
  • Robert L. Guido, Audit Committee Chair, Commercial Metals Inc., Bally Technologies Inc.
  • Renee J. Hornbaker, CPA, Audit Committee Chair, Eastman Chemical Company
  • Sara Mathew, Audit Committee Chair, Campbell Soup Co.
  • Derek R. McClain, Audit Committee Chair, Risk Committee Member, Mutual of Omaha
  • Richard W. Mies, Ret. USN, Generation Oversight Committee Chair, Risk Committee Member, Exelon Corp.
  • Joseph M. O'Donnell, Audit Committee Member, ModusLink
  • Michael Passarella, Audit Committee Chair, Unum Group
  • Richard W. Roedel, Audit Committee Chair, Sealy Corp, Lorillard Inc.; Risk Committee Chair, IHS, Inc.
  • Richard J. Swift, Lead Director, Audit Committee Chair, Ingersoll-Rand Plc.; Audit Committee Chair, CVS Caremark Corporation
  • Laura S. Unger, Compliance and Risk Committee Chair, CA Technologies; Audit & Risk Assessment Committee, Ambac Financial
  • Galen G. Vetter, CPA, Audit Committee Chair (retired), Land O' Lakes
  • Roger B. Vincent, Audit Committee Chair, UGI Corp.; Chairman of the Board, ING Mutual Funds
  • Jack G. Wasserman, Audit Committee Chair, ICAHN Enterprises GP, Audit Committee, Wendy's, Inc.

"Risk oversight is one of the board's most important roles, and the current environment is increasing the importance of directors' ability to challenge management to anticipate the unknown. The NACD risk oversight advisory council will enable us all to sharpen our boardroom knowledge and skills, contributing to strong companies, thriving economies and sustainable employment," said Mary Ann Cloyd, Leader, PwC LLP, Center for Board Governance.

"Reputation is one of a company's most important assets, and the value can quickly erode if risks are not properly managed. The board's role to oversee risk is a team sport, and this council is at the cutting edge of board risk issues and will be critical to shaping the future of the economy," said F. Joseph Warin, Gibson Dunn Partner.

NACD also convenes advisory councils for the compensation, nominating/governance, and audit committees. All four advisory councils convene throughout the year to exchange ideas on leading oversight practices.

About NACD

The National Association of Corporate Directors (NACD) is the only membership organization focused exclusively on advancing exemplary board leadership. Based on 35 years of experience, NACD identifies, interprets, and provides insights and information that corporate board members rely upon to make sound strategic decisions, confidently confront complex business challenges, and enhance shareowner value. With more than 13,000 corporate director members, NACD provides world-class director education, director training, and proprietary research about leading boardroom and corporate governance practices to promote director professionalism and bolster investor confidence. Furthermore, to create more effective and efficient corporate boards, NACD provides independent board evaluations and custom-tailored in-boardroom education and training programs, as well as director-led conferences, forums, and peer-exchange learning opportunities to share ideas about current and emerging issues. Fostering collaboration among directors and governance stakeholders, NACD is shaping the future of board leadership. To learn more about NACD, visit www.NACDonline.org. To join, please contact Kelly Dodd at kkdodd@nacdonline.org or 202-380-1891.

About PwC's Center for Board Governance

PwC's Center for Board Governance is a leading resource to enable directors to more effectively meet the challenges of their critical role. By promoting leading governance practices the Center promotes excellence in the boardroom and is dedicated to better enabling boards and audit committees to perform their important roles. To provide timely updates to board members, the Center publishes the Annual Corporate Directors Survey, quarterly To the Point, monthly BoardroomDirect, and offers forums for directors to discuss current issues.

For more information, please visit http://www.pwc.com/US/CenterForBoardGovernance.

About the PwC Network

PwC firms help organizations and individuals create the value they're looking for. We're a network of firms in 158 countries with close to 169,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com.

About Gibson, Dunn & Crutcher LLP

Gibson Dunn is a leading international law firm. Consistently ranking among the world's top law firms in industry surveys and major publications, Gibson Dunn is distinctively positioned in today's global marketplace with more than 1,000 lawyers and 17 offices, including Brussels, Century City, Dallas, Denver, Dubai, Hong Kong, London, Los Angeles, Munich, New York, Orange County, Palo Alto, Paris, San Francisco, São Paulo, Singapore, and Washington, D.C. For more information, please visit www.gibsondunn.com.

CONTACT: Kelly Dodd kkdodd@nacdonline.org 202-380-1891Source:National Association of Corporate Directors