Investor Advisory Group Members 

Brandon Becker is Executive Vice President and Chief Legal Officer at TIAA-CREF, where he leads the legal, compliance, government relations, corporate governance, and internal audit operations. Earlier in his career, he was the Director of the Division of Market Regulation (now Trading and Markets) at the U.S. Securities and Exchange Commission, where he served from 1978 to 1996. He also was a partner in the Securities Group at the WilmerHale law firm, and chaired the firm's Broker-Dealer Compliance and Regulation Practice Group.

Kelvin M. Blake has served since 2006 as the Investment Advisor/Broker-Dealer Unit Chief and Assistant Attorney General in the Division of Securities of the State of Maryland. From 1997 to 2005, he was Assistant Attorney General in that office. In the interim, from 2005 to 2006, Mr. Blake was Attorney-Advisor for the Office of Professional Responsibility at the Internal Revenue Service, where he investigated improper conduct by tax professionals, among other things. Since 2005, he has been an adjunct professor at the University of Maryland University College, where he teaches accounting courses. Mr. Blake is a lawyer and Certified Public Accountant.

Joseph V. Carcello is the Ernst & Young Professor in the Department of Accounting and Information Management at the University of Tennessee. He also is Co-Founder and Director of Research at the University of Tennessee’s Corporate Governance Center. He has performed extensive research on corporate governance, primarily related to audit committees, and has consulted with, and provided training to, corporate audit committees. Dr. Carcello also has served as an expert in judicial proceedings to evaluate required corporate governance reforms at public companies. He co-authored a study that was sponsored by the Committee of Sponsoring Organizations (COSO) on fraudulent financial reporting in the United States between 1987 and 1997, and was a member of the team that conducted a COSO-sponsored study of fraud from 1998 through 2007. Dr. Carcello testified before the U.S. Treasury Department's Advisory Committee on the Auditing Profession, and has served as a member of the PCAOB Standing Advisory Group, which advises the Board on standard-setting activities. He is a Certified Public Accountant, Certified Management Accountant and Certified Internal Auditor.

Norman J. Harrison is Senior Managing Director of FTI Consulting, based in Washington, DC. He advises companies on matters relating to internal investigations; compliance monitoring; corporate governance; SEC and other regulatory enforcement matters; design and evaluation of compliance programs; enterprise risk assessments; and SEC and DOJ settlement fund administration. Mr. Harrison has provided counsel to investment funds, as both an outside adviser and an officer, on a wide range of operations and compliance issues. He has more than 25 years' experience in these and related areas. Before joining FTI, Mr. Harrison was a senior managing director of Richard C. Breeden & Co. and Breeden Capital Management LLC, and previously an investment banker and a member of the corporate investigative practice group at Paul, Weiss, Rifkind, Wharton & Garrison LLP. He also was an Adjunct Professor at the Washington College of Law at American University, teaching corporation law.

Michael J. Head is Managing Director of Corporate Audit at TD AMERITRADE Holding Corporation, and has 29 years' experience in audit, finance, and accounting. He also advises TD AMERITRADE's Corporate Risk Management Steering Committee and supporting subcommittees on governance, risk, and control issues, including the Global Information Protection Program Oversight Committee and Brokerage Risk Committee. Previously, he worked in various audit and accounting capacities at PricewaterhouseCoopers, KPMG, The Guarantee Life Companies Inc., NationsBank, FirsTier Financial, Inc., and Standard Havens, Inc. He is also Director of The Institute of Internal Auditors, serving on and chairing the International Board's Audit Committee. Mr. Head is co-author of the 2007 textbook, “Internal Auditing: Assurance and Consulting Services,” published by The Institute of Internal Auditors Research Foundation. He is a Certified Internal Auditor, Certified Public Accountant, Certified Management Accountant, Chartered Bank Auditor, and a Certified Information Systems Auditor.

Bonnie Hill is President of B. Hill Enterprises LLC, a consulting firm specializing in corporate governance and board organization. She also is Co-Founder of Icon Blue, Inc., a brand marketing company. She serves on the Board of Directors of the Investor Education Foundation of the Financial Industry Regulatory Authority (FINRA), and has served on the advisory board of the Outstanding Directors Exchange (ODX), and as a faculty member of the Practising Law Institute (PLI). She is a member of board of The Home Depot, YUM Brands, AK Steel, and California Water Service Group.

Peter H. Nachtwey is Chief Financial Officer at Legg Mason, Inc. and a member of the firm's Executive Committee. He is responsible for the areas of finance, investor relations, corporate communications, human resources, operations and technology. Previously, he was Managing Director and Chief Financial Officer of The Carlyle Group where he had responsibility for the firm's investor reporting, internal controls and financial management, and served on the firm's Operating Committee. Prior to joining Carlyle, Mr. Nachtwey was a partner at Deloitte & Touche, and served as the Northeast Regional Managing Partner for the investment management industry.

Barbara L. Roper is Director of Investor Protection at the Consumer Federation of America, where she is a consumer advocate for retail investors. Ms. Roper was involved in the legislative effort leading to passage of the Sarbanes-Oxley Act. She is a member of the Investor Advisory Committee of the U.S. Securities and Exchange Commission and the PCAOB Standing Advisory Group, which advises the Board on standard-setting activities.

Gus Sauter is the Chief Investment Officer and Managing Director at The Vanguard Group, Inc., where he began working in 1987. Mr. Sauter is a past member of the Equity Markets Committee of the Investment Company Institute, the Institutional Traders Advisory Committee of the New York Stock Exchange, and the NASDAQ Quality of Markets Committee. He also has served on the trading committee of the Securities Industry Association and the Best Execution Task Force of the Association for Investment Management and Research. Mr. Sauter is a member of the Council on the Graduate School of Business of the University of Chicago, the Advisory Board of the Journal of Investment Management Conference Series, and the Journal of Indexes Editorial Board.

Damon A. Silvers is the Director of Policy and Special Counsel for the AFL-CIO. He also is the Deputy Chair of the Congressional Oversight Panel for The Troubled Asset Relief Program. Previously, he served as the Chair of the Competition Subcommittee of the U.S. Treasury Department's Advisory Committee on the Auditing Profession and as a member of the U.S. Treasury Department's Investor's Practice Committee of the President's Working Group on Financial Markets. Prior to working for the AFL-CIO, Mr. Silvers was a law clerk at the Delaware Court of Chancery for Chancellor William T. Allen and Vice-Chancellor Bernard Balilk. Currently, Mr. Silvers is a member of the Investor Advisory Committee of the Securities and Exchange Commission and the PCAOB Standing Advisory Group, which advises the Board on standard-setting activities.

Anne Simpson is Senior Portfolio Manager, Global Equities, at the California Public Employees' Retirement System (CalPERS), where she heads the corporate governance program. Previously, she was the first Executive Director of the International Corporate Governance Network, founded to raise standards of corporate governance worldwide. Earlier, she was head of the Global Corporate Governance Forum at the World Bank, and, for 10 years, was joint Managing Director of PIRC Ltd, a U.K.-based investment firm advising institutional investors. Ms. Simpson is a Senior Faculty Fellow at the Yale School of Management, and author of "Fair Shares: the Future of Shareholder Power and Responsibility," published by Oxford University Press, and "The Greening of Global Investment," published by The Economist.

Tony Sondhi is President of A.C. Sondhi & Associates, LLC, a financial advisory services company. He also serves on the Emerging Issues Task Force of the Financial Accounting Standards Board (FASB), its Agenda Committee, and various Working Groups. Previously, he was on the Global Financial Reporting Advocacy Committee and the Financial Accounting Policy Committee of the CFA Institute; the Accounting Standards Executive Committee (AcSEC) of the American Institute of Certified Public Accountants (AICPA); the FASB Task Force on Accounting for Impairments of Long-Lived Assets; and the Statement of Cash Flows Steering Committee of the International Accounting Standards Committee. Mr. Sondhi also was an adviser to the FASB on the comparison between U.S. and International Financial Reporting Standards. He is co-author of the 2006 to 2009 editions of the CCH "Revenue Recognition Guide," and "The Analysis and Use of Financial Statements," third edition.

Stanley Sporkin is a former U.S. District Judge for the District of Columbia. He retired in 2001. Judge Sporkin began working for the U.S. Securities and Exchange Commission in 1961, and served as Director of the Division of Enforcement from 1974 to 1981. Later, he was General Counsel of the Central Intelligence Agency, and a partner at Weil, Gotshal & Manges LLP. Currently, Judge Sporkin serves as Ombudsman for British Petroleum North America. He also provides mediation and arbitration services. In addition, Judge Sporkin provides counseling services on regulatory and financial matters.

Robert M. Tarola is President of Right Advisory LLC, on the Board of Directors of Legg Mason's Mutual Funds and NASDAQ-listed TeleTech Holdings, Inc., as well as the Chief Financial Officer and Treasurer of Howard University. Previously, he was the Chief Financial Officer of the NYSE-listed company, W. R. Grace & Co., and MedStar Health, Inc., where he was responsible for all financial functions and investor relations. Mr. Tarola spent 22 years at Price Waterhouse LLP, where he was Regional Managing Partner for a strategic industry segment, a Partner in the National SEC Services Group, and an Engagement Partner for major client accounts. Mr. Tarola served on the PCAOB Standing Advisory Group from 2007 to 2008. He is a Certified Public Accountant and a former member of the governing council of the American Institute of CPAs.

Lynn E. Turner served as the Chief Accountant at the U.S. Securities and Exchange Commission (SEC) from 1998 to 2001. After leaving the SEC, he was a Professor of Accounting and Director of The Center for Quality Financial Reporting at Colorado State University, Managing Director of Research at Glass Lewis & Co., and Senior Advisor with Kroll Zolfo Copper, the financial consulting subsidiary of Kroll, Inc. He also worked as Senior Advisor and Managing Director in the forensic accounting practice of LECG, an expert services and consulting firm. Currently, he is a Managing Director at LitiNomics, a firm that provides expert research, valuations, analyses, and testimony in complex commercial litigations. Prior to his tenure at the SEC, Mr. Turner spent 20 years at Coopers & Lybrand (now PriceWaterhouseCoopers) where he was a National SEC Review Partner and head of the National High Technology Audit Practice. Mr. Turner also served as a member of the U.S. Treasury Department’s Advisory Committee on the Auditing Profession. He is a member of the Investor Technical Advisory Committee of the Financial Accounting Standards Board (FASB), and the PCAOB Standing Advisory Group.

Eric Vincent is President and Chief Operating Officer of Ospraie Management, LLC, where he is responsible for all non-investing aspects of the firm's business. Prior to joining Ospraie, Mr. Vincent was Chief Operating Officer of the investment firm, RHG Capital, L.P., and a Partner at Omega Advisors, Inc. He began his career as an attorney at Cravath, Swaine & Moore. Mr. Vincent currently serves as the Chairman of the Board of the Managed Funds Association and is a member of the Global Markets Advisory Committee of the U.S. Commodity Futures Trading Commission.

Meredith Williams is the Executive Director of the Colorado Public Employees Retirement Association (PERA). Previously, he was the Executive Secretary of the Kansas Public Employees Retirement System. Mr. Williams also has served as the President of the National Council on Teacher Retirement, the National President of the Association of Government Accountants, and as Chair of the Council of Institutional Investors (CII).

Ann Yerger is Executive Director of the Council of Institutional Investors (CII), a member organization that seeks to address investment issues affecting the size and security of pension plan assets. She joined CII in 1996 as the Director of Research Service, and was named Executive Director in 2005. Before joining ICC, Ms. Yerger was Deputy Director of the Corporate Governance Service of the Investor Responsibility Research Center. She spent five years in the domestic corporate banking division of Wachovia Bank in Winston-Salem, N.C., and Atlanta, Ga. Ms. Yerger is a Chartered Financial Analyst.