OUR THOUGHTS ON:

SEC Names New PCAOB Chair and Two New Members to the Board

Public Companies

By Doug Morally

The U.S. Securities and Exchange Commission (SEC) Chair Mary L. Shapiro announced on January 7, 2011 that the Commission has appointed James R. Doty as Chairman and Jay D. Hanson and Lewis H. Ferguson as members of the Public Company Accounting Oversight Board (PCAOB). Shapiro noted that the three new Board members bring a deep and diverse perspective to the Board through their substantial experience and commitment to investors and the public. They bring an in-depth knowledge of the financial reporting system and auditing framework, which will serve the PCAOB well in carrying out its agenda.

Chairman Shapiro thanked Dan Goelzer for his leadership in serving as Acting Chairman of the Board and said that she is looking forward to working with him and the new Board as the PCAOB continues is mission of protecting investors. She also thanked founding members of the Board, Bill Gradison and Charles Niemeier, for their service.

The new chair and Board members start February 1, 2011.

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