NACD Convenes National Audit Committee Chair Advisory Council

WASHINGTON, Nov. 19, 2012 (GLOBE NEWSWIRE) -- The National Association of Corporate Directors (NACD), with partners KPMG's Audit Committee Institute and Sidley Austin, hosted a meeting of the NACD Audit Committee Advisory Council on Nov. 1. The meeting delegates examined several key issues facing audit committees.

Topics addressed by the Council included updates on regulatory matters affecting audit committees, enhancing current disclosures, and methods audit committees are currently using to identify and address emerging risks.

"In today's complex environment, it is increasingly difficult to identify and prioritize the most pressing issues," said Ken Daly, president and CEO of NACD. "Through advisory councils like this, the delegates' experience as committee chairs, combined with the perspectives of key investors and policymakers, lends invaluable insight to the process."

NACD National Audit Committee Chair Advisory Council delegates for this meeting included:

• James Bachmann, director, Abercrombie & Fitch Co., Lancaster Colony Corp.
• Dennis Beresford, director, LEGG Mason, Inc.
• James T. Brady, director, T. Rowe Price Group
• Gerald Czarnecki, director, State Farm Mutual Automobile Insurance Co.
• Ronald Dietz, director, Capital One Financial Corp.
• Michele Hooper, director, PPG Industries, Inc., UnitedHealth Group
• William Joyce, director, CVS Caremark Corp.
• Charles Noski, director, Microsoft Corp.
• Michael Passarella, director, The Unum Group
• Judith Sprieser, director, Allstate Corp., IntercontinentalExchange Inc.
• Richard Tilghman, director, Sysco Corp.
• Galen Vetter, director, Land O'Lakes, Inc.

The goal of the NACD Audit Committee Chair Advisory Council is to identify critical topics facing audit committees, prioritize and develop leading practices to address these topics, and then publish the resulting findings. A summary of proceedings from the meeting will be available this month. NACD also convenes advisory councils for the compensation and nominating/governance committees, in addition to risk oversight. All four advisory councils convene throughout the year to exchange ideas on leading oversight practices.

"Audit committee agendas are not getting any lighter," said Dennis T. Whalen, Partner in Charge & Executive Director of KPMG's Audit Committee Institute. "And with digitization, globalization, and increased government regulation and enforcement dramatically reshaping the business and risk environment, this advisory council is a valuable resource for helping audit committees and their boards keep pace."

"Having directors share their experiences, and the lessons they learned from those experiences, is the most efficient way to develop best practices for boards and their committees," said Joe Armbrust, Partner, Sidley Austin LLP.

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 KPMG's Audit Committee Institute

ACI provides audit committee and board members with practical insights, resources, and peer-exchange opportunities focused on strengthening oversight of financial reporting and audit quality, and the array of challenges facing boards and businesses today – from risk management and emerging technologies to strategy and global compliance. Learn more about ACI's Audit Committee Roundtable Series, Annual Issues Conference, Quarterly Audit Committee Webcast, and other educational resources for directors at www.KPMG.com/ACI.

About Sidley Austin LLP

Sidley Austin LLP is a premier full-service law firm with approximately 1700 lawyers practicing in 18 U.S. and international cities, including Beijing, Brussels, Frankfurt, Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and Tokyo. This year, Sidley celebrates 30 years in Asia. For the third consecutive year, Sidley received the most first-tier national rankings of any U.S. law firm in the 2013 U.S. News – Best Lawyers "Best Law Firms" survey, making it the only law firm to receive this recognition since the survey's inception. Sidley was also named the U.S. News – Best Lawyers "Law Firm of the Year" in both Commercial Litigation and Securities/Capital Markets Law in the 2013 survey. On Law360's list of Global 20 Firms, Sidley was ranked among the top 10 law firms with the greatest global reach and expertise. To keep up with the latest Sidley news, please follow us on Twitter at @SidleyNewsroom.