PCAOB BOARD MEMBERS

James R. Doty

Chairman

James R. Doty was appointed by the Securities and Exchange Commission as

the Chairman of the Public Company Accounting Oversight Board in January

2011.

Under his leadership, the PCAOB has adopted standards to increase audit

quality and provide greater transparency into the audits of public companies and broker-dealers.

Chairman Doty also led the Board's effort to improve PCAOB outreach to audit committees, who

share the Board's interest in strengthening audit quality. He spearheaded the launch of a new

communication initiative, the Audit Committee Dialogue.

Chairman Doty established the PCAOB's Center for Economic Analysis to bring together

creative minds and experts under the leadership of Luigi Zingales, University of Chicago

professor of finance. Recently renamed and merged with our former Office of Research and

Analysis, the Office of Economic and Risk Analysis performs analysis and research and is an

investment in smart regulation to make PCAOB oversight programs more effective and efficient.

Scholars on temporary assignment with this program will study the role and relevance of the

audit in capital formation and investor protection, inform the Board's cost-benefit analysis of

standard setting, and encourage greater economic research into auditing issues.

During Chairman Doty's tenure, the PCAOB expanded its cooperation with international

counterparts, signing more than a dozen inspection agreements with foreign audit regulators. In

2013, after years of negotiation, the PCAOB entered into an enforcement cooperation agreement

with China.

From 1990 to 1992, Chairman Doty served as General Counsel of the SEC. Prior to and

following his SEC service, he was a partner at the law firm of Baker Botts LLP, which he first

joined in 1969. At Baker Botts, he practiced securities and corporate law and counseled boards

of directors and audit committees on regulatory and compliance matters, including matters

arising under the Sarbanes-Oxley Act of 2002. At Baker Botts, he also represented the PCAOB

in its successful 2010 defense in Free Enterprise Fund v. PCAOB, a U.S. Supreme Court

landmark challenge to the constitutionality of the PCAOB.

In 2011, Chairman Doty was presented with a Statesman Award by the Foreign Policy

Association for his commitment to worldwide audit integrity.

Chairman Doty was born in Houston and earned a bachelor's degree in history from Rice

University and was a Rhodes Scholar at Oxford University. He also received a master's degree in

history from Harvard University before earning a Bachelor of Laws degree from Yale Law

School.

Lewis H. Ferguson

Board Member

Lewis H. Ferguson was appointed by the Securities and Exchange Commission to be a member

of the Public Company Accounting Oversight Board in January 2011. In April of 2015, he began

a four year term as Chair of the Global Public Policy Committee Working Group of the

International Forum of Independent Audit Regulators (IFIAR). From April 2013-April 2015, he

served as Chair of IFIAR following a one-year term as vice chair. IFIAR is an organization of 50

national audit oversight bodies that operate independently of the accounting profession.

From 2004 to 2007, Mr. Ferguson served as the first General Counsel of the PCAOB. Before

joining the PCAOB as a Board Member, Mr. Ferguson was a partner in the law firm of Gibson

Dunn & Crutcher LLP, where he focused on securities regulation, disclosure issues and

corporate governance matters. Earlier from 1979 to 1994 and from 1998 to 2004, he was a

partner at the law firm of Williams & Connolly LLP, specializing in corporate transactions,

securities enforcement matters and representation of audit committees and boards of directors.

From 1994 to 1998, he was Senior Vice President, General Counsel and Director of Wright

Medical Technology. Mr. Ferguson also has been a Director at several public and private

companies, primarily in the medical device and technology areas. He was an Adjunct Professor

of Law at the Georgetown University Law School.

Mr. Ferguson received his B.A. cum laude in Politics and Economics from Yale College. He

earned a B.A. and M.A. from Cambridge University, and a J.D. from Harvard Law School,

where he was a member of the Harvard Law Review. Mr. Ferguson clerked for the Hon. Frank J.

Murray, U.S. District Judge for the District of Massachusetts.

Jeanette M. Franzel

Board Member

Jeanette M. Franzel was appointed by the Securities and Exchange Commission as a member of

the Public Company Accounting Oversight Board in February 2012.

Prior to joining the Board, Ms. Franzel served for almost 23 years at the Government

Accountability Office, spending a decade in the Senior Executive Service. She ended her tenure

at the GAO as a Managing Director overseeing all aspects of the organization's financial audit

oversight of the U.S. federal government. In this capacity, she supervised audits of large,

complex agencies with annual budgets in the hundreds of billions of dollars, as well as small

programs and agencies with limited resources.

From 2008 through 2011, Ms. Franzel's team performed oversight of the U.S. government's

efforts to help stabilize the financial markets and promote economic recovery. From 2003 to

2012, Ms. Franzel oversaw the periodic updating and issuing of GAO's Government Auditing

Standards ("The Yellow Book"), which is used throughout the world.

She also provided extensive policy and technical support to the International Organization of

Supreme Audit Institutions, which develops auditing standards for national government audit

offices around the world.

In 2011, Ms. Franzel received the GAO's Distinguished Service Award and the AICPA's

Outstanding CPA in Government Award. In 2010, she received the International Achievement

Award from the Association of Government Accountants.

Earlier, Ms. Franzel worked for three years at a small CPA firm. Prior to her career in accounting

and auditing, Ms. Franzel taught elementary school and high school in South America.

Ms. Franzel has a B.A. in Accounting and Spanish from the College of St. Teresa and an MBA

from George Mason University. She also completed the Senior Executive Fellows program at

Harvard University. Ms. Franzel is a certified public accountant, a certified internal auditor, a

certified management accountant, and a certified government financial manager.

Steven B. Harris

Board Member

Steven B. Harris was reappointed by the Securities and Exchange

Commission as a Board Member of the Public Company Accounting Oversight

Board in March 2013. He was originally appointed to the Board in June 2008.

As a PCAOB Board Member, Mr. Harris is Chairman of the PCAOB Investor

Advisory Group and represents the Board as a member of the Investor and

Other Stakeholders Working Group of the International Forum of Independent Audit Regulators

(IFIAR), based in Tokyo.

Mr. Harris was the Staff Director and Chief Counsel of the U.S. Senate Banking, Housing and

Urban Affairs Committee under Chairman Paul S. Sarbanes during the consideration and passage

of the Sarbanes-Oxley Act of 2002, and is widely credited with helping to shape the reform

legislation and the establishment of the PCAOB.

Mr. Harris served as Staff Director and Chief Counsel of the Committee for more than 15 years.

He also served as Staff Director and Chief Counsel to the Securities Subcommittee, as well as

Counsel to the full Committee. During his tenure with the Committee, from 1981-2007, Mr.

Harris worked on all legislation, investigations and oversight conducted by the Committee,

including modernization of banking and securities laws, the savings and loan industry crisis, the

1987 stock market crash, investigations of the mutual fund industry, and interstate banking.

Before joining the Board, Mr. Harris was Senior Vice President and Special Counsel at APCO

Worldwide, where he advised clients on financial transactions, corporate governance, crisis

management, investigations, foreign investment, trade promotion, and government affairs.

From 1979-1981, Mr. Harris served as Counsel to U.S. Senator Donald W. Riegle, Jr. He served

as Counsel to U.S. House Representative Barbara Jordan and as her representative to the

National Commission for the Review of Antitrust Laws and Procedures from 1978 to 1979. He

was Assistant General Counsel for the Municipal Securities Rulemaking Board from 1977 to

1978, an attorney at the Legal Services Corporation from 1975 to 1977, and in the Office of the

General Counsel at the Office of Economic Opportunity from 1973 to 1975. He began his career

at Time, Inc., from 1969 to 1970.

Mr. Harris is currently a member of the Board of Directors of The Washington Campus, a

nonprofit educational organization.

Mr. Harris graduated with honors from Dartmouth College and earned an L.L.B. from George

Washington University.

PCAOB STAFF

Martin F. Baumann

Chief Auditor and Director of Professional Standards

Office of the Chief Auditor

Martin F. Baumann is the PCAOB chief auditor and director of professional standards. He joined

the PCAOB in 2006, and served as director of the Office of Research and Analysis from 2007 to

2009, before becoming chief auditor.

Prior to joining the PCAOB, Mr. Baumann spent three years as executive vice president of

finance and chief financial officer for Freddie Mac, where he was responsible for accounting and

reporting, corporate planning, taxation, and capital management. He led the effort to complete

Freddie Mac's restatement and improve its financial reporting. Earlier, Mr. Baumann spent 33

years at PricewaterhouseCoopers, in positions spanning partner, deputy chairman of the World

Financial Services practice, and Global Banking Leader.

Mr. Baumann earned a B.A. in accounting from Queens College and an MBA in finance from

Baruch College. He completed Columbia Business School's Executive MBA Program. He is a

certified public accountant.

George Botic

Special Advisor to Chairman James R. Doty

George Botic is special advisor to PCAOB Chairman James R. Doty. He advises the chairman on

all matters that come before the Board for decision. He is also involved with international, cross-

border inspection efforts and the development of regulatory policy for the PCAOB.

Previously, Mr. Botic was a deputy director in the Division of Registration and Inspections

where he oversaw the operations of the Non-Affiliated Firm Inspection Program for domestic

and non-U.S. registered accounting firms. He also oversaw the inspection reporting for all

triennially inspected firms. Mr. Botic served as the division's representative in all matters related

to international regulatory relations, working closely with the Office of International Affairs to

establish and maintain cooperative arrangements with non-U.S. regulators. He joined the

PCAOB in 2003.

Before joining the PCAOB, Mr. Botic was a senior manager with PricewaterhouseCoopers in the

Washington office. During 13 years at PwC, he conducted audits of numerous public and private

companies in a variety of industries and assisted companies in going public.

Mr. Botic is a graduate of Shepherd University and received a Master of Accountancy from

Virginia Tech.

Michael J. Gurbutt

Senior Advisor to the Acting Director

Office of Economic and Risk Analysis

Michael Gurbutt is the senior advisor to the acting director in the Office of Economic and Risk

Analysis. From 2014 to 2017, he was the senior advisor to the program leader in the Center for

Economic Analysis. He joined the PCAOB in 2010, in the Office of Chief Auditor, providing

technical direction in the development of auditing and related professional practice standards and

staff audit practice alerts.

Prior to joining the PCAOB, Mr. Gurbutt was a senior manager at Ernst & Young LLP, working

in the real estate, hospitality, medical technology and telecommunications industries.

Mr. Gurbutt earned a master’s degree in mathematics from the University of Warwick. He is a

certified public accountant in Virginia and a Fellow of the Institute of Chartered Accountants in

England & Wales.

Claudius Modesti

Director

Division of Enforcement and Investigations Claudius B. Modesti, director of the Division of Enforcement and Investigations, leads a team of

attorneys, accountants, and other professional staff in investigations and litigation of possible

violations of PCAOB rules and other applicable securities regulations. Mr. Modesti joined the

PCAOB in May 2004 as the first DEI director and has built the division from its inception. He

also serves as the Chair of the Enforcement Working Group for the International Forum of

Independent Audit Regulators.

Before arriving at the PCAOB, Mr. Modesti was an assistant United States attorney for the

United States attorney’s office for the Eastern District of Virginia where he led the investigation

and prosecution of white collar crimes with an emphasis on securities fraud. He was also

appointed corporate fraud coordinator for the office.

Prior to joining the United States attorney’s office, Mr. Modesti served as a trial attorney for the

Department of Justice, Criminal Division, and spent four years in the Division of Enforcement at

the Securities and Exchange Commission. He also served as a law clerk for Judge J. Frederick

Motz of the U.S. District Court for the District of Maryland.

Mr. Modesti earned a B.S. in Foreign Service from Georgetown University and a J.D., magna

cum laude, from the Georgetown University Law Center.

Helen Munter

Director

Division of Registration and Inspections

Helen A. Munter is the Director of the Division of Registration and Inspections, which is the

PCAOB’s largest operating division.

Ms. Munter oversees all division operations including firm Registration, the Global Network

Firm Inspection Program, the Non-Affiliate Firm Inspection Program, and the Broker-Dealer

Interim Inspection Program. Prior to being named Director in 2011, Ms. Munter was a Deputy

Director and team leader for several of the PCAOB’s largest and most complex inspections.

During her tenure as Deputy Director, Ms. Munter led the team of accountants that established

many of the inspections processes that are in place today. In addition, Ms. Munter was

responsible for opening the PCAOB’s San Mateo office where she served as Regional Leader

until she assumed the role of Division Director.

Before joining the PCAOB in 2004, Ms. Munter was an Audit Partner and Deputy Director of

Professional Practice in the San Francisco office of Deloitte & Touche LLP. She spent 16 years

at Deloitte in the San Francisco and Barcelona, Spain offices.

Ms. Munter received a B.A. from the University of California at Berkeley. She is a certified

public accountant and is fluent in Spanish.

S. Bruce Wilson

Director

Office of International Affairs

As the Director of the Office of International Affairs, S. Bruce Wilson leads the PCAOB’s

efforts to negotiate and implement cooperative arrangements with non-U.S. auditor oversight

bodies. He also represents the PCAOB in bilateral and multilateral meetings with non-U.S.

governments and regulators.

Prior to joining the PCAOB in February 2012, Mr. Wilson practiced law in the International

Trade Group of the firm King & Spalding. Previously, Mr. Wilson spent eight years as the

Director of Legal Affairs at the World Trade Organization in Geneva, Switzerland. As the

WTO’s top legal officer, he oversaw WTO dispute settlement panel proceedings and provided

legal advice to WTO officials and member governments.

Earlier in his career, Mr. Wilson held senior staff positions within the U.S. Congress, including

as Staff Director of the Trade Subcommittee of the Committee on Ways and Means, U.S. House

of Representatives. As Staff Director, Mr. Wilson oversaw preparation of U.S. implementing

legislation for the North American Free Trade Agreement and for the Uruguay Round trade

agreements creating the World Trade Organization.

Mr. Wilson also served more than 16 years in the Office of the U.S. Trade Representative, where

he negotiated numerous international trade and investment agreements.

Mr. Wilson holds a B.A. from Stanford University, an M.A. from Johns Hopkins School of

Advanced International Studies, and J.D. and M.B.A. degrees from George Washington

University. He is a member of the bars of the District of Columbia and Virginia.

GUEST SPEAKERS (In alphabetical order)

Bernard Agulhas

Chief Executive Officer

Independent Regulatory Board for Auditors, South Africa

Bernard Agulhas, the CEO of the Independent Regulatory Board for Auditors (IRBA), is

passionate about ensuring that South Africa’s auditing and reporting standards stay on par with

global benchmarks. In fact, for six consecutive years while he’s been heading the statutory audit

regulator, South Africa has been ranked number one for its auditing and reporting standards.

It is also this drive and understanding of the important role that the auditing sector plays in

ensuring a strong economy that has resulted in him being a member of the King Committee for

Corporate Governance. Mr. Agulhas also chairs the Standards Coordination Working Group of

the IFIAR, which has the responsibility of monitoring and commenting on developments in

international standards on auditing and ethics. The group also engages with those who chair

various relevant boards and structures.

Prior to being the IRBA CEO, he was the organisation’s Technical Director and largely

responsible for audit and ethics standard-setting for the profession in South Africa. During that

period, he was instrumental in the adoption and implementation of the International Standards on

Auditing (ISA) in South Africa. He also played a part in the international standard-setting

activities of the International Federation of Accountants (IFAC) in his role as technical advisor to

the South African member, in addition to providing technical support on the redrafting of three

of the ISAs for the IFAC in terms of its five-year Clarity Project.

Mr. Agulhas was the Project Director: Technical at the South African Institute of Chartered

Accountants (SAICA), responsible for the public sector (accounting and auditing), before joining

the IRBA. During this period he was technical advisor to the South African member on the

international public sector accounting standard setting body of IFAC.

Having started his career in the profession at one of the global network, Mr. Agulhas also headed

the technical department at the Office of the Auditor-General before he joined SAICA. While at

the Auditor-General, he was responsible for harmonizing the private and public sector auditing

standards.

Eric Baudrier

Director General

French High Council for Statutory Auditors (H3C)

Eric Baudrier has been the Director General of the High Council for Statuatory Auditors (H3C)

in France since September 2016. Prior to this position, he worked at the Autorité des Marchés

Financiers (French Financial Markets Regulator) as a Deputy Director in the Investigation

Department, and at the French audit firm Constantin Associates as a Senior Manager.

He graduated from the EDHEC Business School in 1995 with a Masters degree in accounting

and finance. He also became a Certified Fraud Examiner (ACFE) in 2015.

Nicholas E. Benes

Representative Director

The Board Director Training Institute of Japan

Nicholas Benes is a Representative Director and Lecturer with The Board Director Training

Institute (BDTI) of Japan, where he has worked since 2009.

Prior to his time with BDTI, Mr. Benes worked at JP Morgan for 11 years and went on to lead a

pathbreaking M&A advisory boutique in Japan, JTP Corporation. He is an inactive member of

the bar in California and New York. Currently, he serves the American Chamber of Commerce

in Japan (ACCJ) as Chair of its Growth Strategy Task Force. In the past, he served as a twice-

elected Governor of the ACCJ, Chair of the ACCJ’s FDI Committee and FDI Task Force, and as

a member of the Experts Committee of the Japan Investment Council, an advisory committee to

the Japanese Cabinet on FDI policy. He has also served as an independent outside director at

Alps Mapping, the listed company Cecile Ltd., and Livedoor Holdings (post-scandal); and

currently is an independent director at Imagica Robot Holdings, Inc. (TSE6879).

Mr. Benes has taught corporate governance and business ethics as an Adjunct Professor at

Hitotsubashi University and the International University of Japan. In 2010, he was a member of

the Financial Services Agency’s Corporate Governance Liaison Committee, which had been

formed to provide private sector input to the Ministry of Justice and the Legal Affairs Advisory

Council regarding amendment of Japan’s Company Law. In 2013, he proposed that the creation

of a corporate governance code be included in the LDP’s growth strategy, to be implemented

under the auspices of the FSA. He then advised members of the diet and the FSA regarding the

content of Japan’s first corporate governance code. In 2016, he proposed changes to the

Company Pension Law regulations and guidance, which resulted in a joint study group being

formed by the Ministry of Healthy, Labor and Welfare, the Pension Fund Association, experts

and institutional investors, and the FSA. The study group issued its report encouraging corporate

pension funds to sign the Stewardship Code in March of 2017.

Mr. Benes received his B.A. in political science from Stanford University, and a JD-MBA degree

from UCLA.

Ken Bertsch

Executive Director

Council of Institutional Investors

Ken Bertsch was named Executive Director of the Council of Institutional Investors in March

2016. He has more than 30 years of experience across a wide range of investment, consulting,

management and corporate governance roles.

Mr. Bertsch most recently served as a Partner at CamberView Partners. He previously was

President and CEO of the Society of Corporate Secretaries & Governance Professionals;

Executive Director for corporate governance and proxy voting at Morgan Stanley Investment

Management; Managing Director for corporate governance analysis at Moody's Investors

Service; Director of the governance engagement program at TIAA-CREF; and in various roles at

the Investor Responsibility Research Center.

He holds a JD from Fordham University School of Law and an undergraduate degree from

Williams College.

John C. Bogle

President, Bogle Financial Markets Research Center

The Vanguard Group, Inc.

John C. Bogle is Founder of The Vanguard Group, Inc., and President of Vanguard’s Bogle

Financial Markets Research Center. He created Vanguard in 1974 and served as Chairman and

Chief Executive Officer until 1996 and Senior Chairman until 2000. He had been associated with

a predecessor company since 1951, immediately following his graduation from Princeton

University, magna cum laude in Economics. He is a graduate of Blair Academy, Class of

1947.The Vanguard Group is the largest mutual fund organization in the world. Headquartered in

Malvern, Pennsylvania, Vanguard comprises more than 160 mutual funds with current assets

totaling more than $1.4 trillion. Vanguard 500 Index Fund, the largest fund in the group, was

founded by Mr. Bogle in 1975. It was the first index mutual fund.

In 2004, TIME magazine named Mr. Bogle as one of the world’s 100 most powerful and

influential people and Institutional Investor presented him with its Lifetime Achievement Award.

In 1999, FORTUNE designated him as one of the investment industry’s four “Giants of the 20th

Century.” In the same year, he received the Woodrow Wilson Award from Princeton University

for “distinguished achievement in the nation’s service.” In 1997, he was named one of the

“Financial Leaders of the 20th Century” in Leadership in Financial Services (Macmillan Press

Ltd., 1997). In 1998, Mr. Bogle was presented the Award for Professional Excellence from the

Association for Investment Management and Research, and in 1999 he was inducted into the

Hall of Fame of the Fixed Income Analysts Society, Inc. In 1993, he received the Philadelphia

Investment Achievement Award from the Financial Analysts of Philadelphia. Mr. Bogle is also a

best-selling author who has written ten books, and contributed to several others, related to

investing, mutual funds, and his career experiences.

Mr. Bogle served as Chairman of the Board of Governors of the Investment Company Institute in

1969-1970, and as a member of the Board from 1969-1974. In 1997, he was appointed by then-

U.S. Securities and Exchange Commission Chairman Arthur Levitt to serve on the Independence

Standards Board. In 2000, he was named by the Commonwealth’s Chamber of Commerce as

Pennsylvania’s Business Leader of the Year.

He has served as Chairman of the Board of the National Constitution Center from 1999 to 2007,

and was a Director of Instinct Corporation, a member of The Conference Board’s Commission

on Public Trust and Private Enterprise, and a member of the American Philosophical Society and

the American Academy of Arts and Sciences. A Trustee of Blair Academy, he served as

Chairman from 1986-2001. He also served on the Investment Committee of the Phi Beta Kappa

Society.

Mr. Bogle has received honorary doctorate degrees from Princeton University, University of

Delaware, University of Rochester, New School University, Susquehanna University, Eastern

University, Widener University, Albright College, Pennsylvania State University, Drexel

University, Immaculata University, Georgetown University, Trinity College and Villanova

University.

Ralf Bose

Chief Executive Director, Federal Office for Economic Affairs and Export Control

Auditor Oversight Body, Germany

Ralf Bose started his career with KPMG in Frankfurt in 1991 in the Financial Services

department. During his time at KPMG he passed the exam for the qualification as a German

qualified auditor and was promoted to a partner in 2001.

As a partner he was responsible for the audit of many different internationally operating credit

institutions both with an investment and a retail banking background. He served also listed and

non-listed clients in corporate banking and transaction banking sectors and in Private

Equity/Venture Capital businesses. In his recent years at KPMG he has been a managing partner

(co-head) of the Audit Financial Services department of KPMG in Germany, responsible for

finance, organization, quality and human resources functions.

In 2012 he joined the German auditor oversight body AOC as head of the inspection unit being

responsible for the inspection of auditors of public interest entities. With the establishment of the

new competent authority for auditor oversight in Germany (Auditor Oversight Body - AOB) on

June 17, 2016 Mr. Bose took over the post as its Chief Executive Director. In July 2016 he was

elected as the first chairman of the newly established Committee of European Auditing

Oversight Bodies (CEAOB). In April 2017 Ralf Bose was nominated as Board Member of

International Forum of Independent Audit Regulators (IFIAR).

Jay Clayton

Chairman

U.S. Securities and Exchange Commission

Jay Clayton was nominated to chair the U.S. Securities and Exchange Commission on January

20, 2017 by President Donald Trump and sworn in on May 4, 2017, following confirmation by

the U.S. Senate on May 2, 2017.

Prior to joining the Commission, Mr. Clayton was a partner at Sullivan & Cromwell LLP, where

for over 20 years he advised public and private companies on a wide range of matters, including

securities offerings, mergers and acquisitions, corporate governance, and regulatory and

enforcement proceedings. His experience includes counseling companies in various industries

and advising market participants on capital raising and trading matters in the United States and

abroad, including while resident in Europe for five years.

Mr. Clayton has authored publications on securities law, cybersecurity, and other regulatory

issues. From 2009 to 2017, he was an Adjunct Professor at the University of Pennsylvania Law

School, teaching “M&A Through the Business Cycle” each spring semester as well as guest

lecturing in other classes and at other institutions.

Prior to joining Sullivan & Cromwell, Mr. Clayton served as a law clerk for the Honorable

Marvin Katz of the U.S. District Court for the Eastern District of Pennsylvania. A member of the

New York and Washington, D.C. bars, Mr. Clayton studied and received degrees in engineering,

economics, and law.

He earned a B.S. in Engineering from the University of Pennsylvania, where he was the recipient

of the Thouron Award for post-graduate study in the United Kingdom, enabling him to earn a

B.A. and M.A. in Economics from the University of Cambridge. Mr. Clayton received a J.D.

from the University of Pennsylvania Law School.

Santiago Chaher

Managing Director

Cefeidas Group

Santiago Chaher is managing director at Cefeidas Group. He is also Co-Director of the Corporate

Governance Program at the Universidad de San Andrés and a partner at Cefeidas Group’s sister

company, Diaz & Chaher Abogados (DECH).

Before founding Cefeidas Group, he worked at the International Finance Corporation (IFC)

based in Washington, D.C. There he managed the Global Corporate Governance Forum’s

projects in Latin America and the Caribbean, working closely with corporations, financial

institutions, institutional investors, governments and other key corporate governance

stakeholders around the world.

A lawyer by training, he holds a Master’s Degree in Banking Law and International Finance

from the London School of Economics where he graduated as a Chevening Scholar. In 2015, he

was honored with the International Corporate Governance Network (ICGN) – Hermes Fund

Managers’ Alastair Ross Goobey Award Scholarship. In 2010, Yale School of Management

recognized him as one of the ten Millstein Center for Corporate Governance “Rising Stars.” He

holds a Certificate of Director Education from the NACD Corporate Directors Institute. He has

participated in Corporate Governance training programs at IFC, Stanford Graduate School of

Business, and the Venture Capital Executive Program from UC Berkeley Haas School of

Business.

John C. Coffee Jr.

Adolf A. Berle Professor of Law

Columbia Law School

John C. Coffee Jr. is the Adolf A. Berle Professor of Law and director of the Center on

Corporate Governance at Columbia Law School. He is a fellow at the American Academy of

Arts & Sciences and has been repeatedly listed by the National Law Journal as among its “100

Most Influential Lawyers in America.”

Professor Coffee has served as a reporter to The American Law Institute for its Corporate

Governance Project; has served on the Legal Advisory Board to the New York Stock Exchange;

and as a member of the SEC’s advisory committee on the capital formation and regulatory

processes.

Professor Coffee is the author or editor of several widely used casebooks on corporations and

securities regulation, including Securities Regulation: Cases and Materials, (with Hillary Sale),

2015, (13th edition); Cases and Materials on Corporations (with Jesse H. Choper and Ronald J.

Gilson), 2013, (8th edition); and Business Organizations and Finance, (with William Klein and

Frank Partnoy), 2010, (11th edition).

His scholarly books include Entrepreneurial Litigation: Its Rise, Fall, and Future, Harvard

University Press, 2016; Gatekeepers: The Professions and Corporate Governance, Oxford

University Press, 2006; Knights, Raiders, and Targets: The Impact of the Hostile Takeover, (with

Louis Lowenstein and Susan Rose-Ackerman), Oxford University Press, 1988; and The

Regulatory Aftermath of the Global Financial Crisis, (with Ellis Ferran, Niamh Moloney, and

Jennifer G. Hill), Cambridge University Press, 2012.

According to a recent survey of law review citations, Professor Coffee is the most cited law

professor in law reviews over the last 10 years in the combined corporate, commercial, and

business law field. In 2015, Lawdragon listed him on its 100-member “Hall of Fame” list of

influential lawyers in the U.S.

Elisabeth D. de Fontenay

Associate Professor of Law

Duke Law School

Elisabeth de Fontenay's primary research interests are in the fields of corporate law, corporate

finance, and financial institutions. She joined the Duke Law faculty in 2013 after serving as a

Climenko Fellow and Lecturer on Law at Harvard Law School.

Her broad research agenda focuses on how market actors behave in the less-regulated spaces of

the financial markets.

Professor de Fontenay received her B.A., summa cum laude, in economics from Princeton

University, where she was a two-time All-American rugby player. She received her J.D., magna

cum laude, from Harvard Law School. After graduating from law school, de Fontenay practiced

as a corporate associate at Ropes & Gray in Boston, where she specialized in mergers and

acquisitions, debt financing, and private investment funds.

Stephen Haddrill

Chief Executive Officer

Financial Reporting Council, United Kingdom

Stephen Haddrill became Chief Executive Officer of the Financial Reporting Council in

November 2009. Previously he was Director General of the ABI from May 2005. In December

2008, Stephen was appointed as a member of the Financial Crisis Advisory Group (FCAG), the

high-level advisory group set up by the International Accounting Standards Board and the

Financial Accounting Standards Board to consider financial reporting issues arising from the

global financial crisis.

Mr. Haddrill was Director General, Fair Markets Group at the Department of Trade and Industry

(DTI), where he was responsible for the development of the framework within which business

operates, including the competition and consumer framework, employment relations, company

law, women and equality issues, and also trade and European issues. He held this position from

January 2002. Prior to this, from 1998 until Spring 2002, he held other positions within the DTI,

including Director of Employment Relations, and Consumer Affairs.

From 1994 to 1998 he was a director of the DTI’s Competitiveness Unit, a central policy team

reporting directly to the Secretary of State. From 1990 to 1994 he left the UK civil service to

work for the Hong Kong Government as a member of the Governor’s Central Policy Unit.

Stephen was Vice President and Chair of the Board of the Institute for Employment Studies, the

UK's leading employment and human resources experts, from October 2007 to 2011.

Mr. Haddrill studied history and economics at Oxford University and joined the Department of

Energy in 1978 where he held a number of posts, principally on nuclear issues and as Principal

Private Secretary to the Secretary of State for Energy.

Benjamin W. Heineman, Jr.

Trustee and Distinguished Senior Adviser

Center for Strategic and International Studies

Ben W. Heineman Jr. was GE’s senior vice president–general counsel from 1987 to 2003 and

then senior vice president for law and public affairs from 2004 until his retirement at the end of

2005. He is currently a senior fellow at Harvard Law School’s Program on the Legal Profession

and Program on Corporate Governance, a senior fellow at the Belfer Center for Science and

International Affairs at Harvard’s Kennedy School of Government, and a lecturer in law at Yale

Law School. A Rhodes scholar, editor-in-chief of the Yale Law Journal, and law clerk to

Supreme Court Justice Potter Stewart, Mr. Heineman was assistant secretary for policy at the

Department of Health, Education, and Welfare and practiced public interest law and

constitutional law prior to his service at GE.

Mr. Heineman serves on the boards of Memorial Sloan Kettering Cancer Center, the Center for

Strategic and International Studies, Transparency International-USA, and Central European

University.

Mr. Heineman is the author of High Performance with High Integrity (Harvard Business Press,

2008) and The Inside Counsel Revolution (American Bar Association, 2016), as well as books

on British race relations and the American presidency. He writes and lectures frequently on

business, law, public policy, and international affairs.

Mr. Heineman is a graduate of Harvard College (B.A. with high honors in history), Oxford

University (B.Litt. in political sociology), and Yale Law School (J.D.). He is a member of the

American Philosophical Society, a fellow of the American Academy of Arts and Sciences, and a

former member of the National Academy of Science’s Committee on Science, Technology, and

Law. He is a recipient of the American Lawyer’s Lifetime Achievement Award and the Lifetime

Achievement Award of Board Member magazine. He was named one of the top 50 Innovators in

Law in the Past 50 Years by American Lawyer, one of America’s 100 most influential lawyers

by National Law Journal, one of the 100 most influential individuals on business ethics by

Ethisphere magazine, and one of the 100 most influential people in corporate governance by the

National Association of Corporate Directors.

Brian Hunt

Chief Executive Officer

Canadian Public Accountability Board, Canada

Chair

International Forum of Independent Audit Regulators (IFIAR)

A founding Director of the Canadian Public Accountability Board (CPAB), Brian Hunt was

appointed Chief Executive Officer (CEO) on January 29, 2009. Mr. Hunt represents CPAB on

the International Forum of Independent Audit Regulators (IFIAR). In April 2017 he was elected

Chair of IFIAR. Prior to that Mr. Hunt served as IFIAR’s Vice-Chair was Chair of IFIAR’s

Global Public Policy Committee (GPPC) Working Group.

Prior to his current position at CPAB, Mr. Hunt was President and CEO of CPA Ontario. Before

joining CPA Ontario, Mr. Hunt was President of Canada’s largest membership organization, the

Canadian Automobile Association (CAA), representing CAA as a director and/or officer of the

International Touring Alliance, the American Automobile Association Traffic Safety Foundation

and the Transportation Association of Canada. Mr. Hunt’s earlier positions include President of

Hayward Industrial Products Inc., President of PHH Canada, and Vice-President of Sales and

Client Services of PHH’s US operation.

In 2000, Mr. Hunt was elected a Fellow of CPA Ontario, served as a member of the CPA

Ontario’s 2000/01 Governing Council, and was awarded Life Membership in 2009.

Mr. Hunt holds a Bachelor of Commerce Degree and is a CPA Chartered Accountant. He is also

a member of the Institute of Corporate Directors, completing his ICD.D in 2012.

Mr. Hunt is a member of Ryerson University’s School of Accounting and Finance Advisory

Council.

A frequent guest on public affairs television and radio programs, Mr. Hunt has presented at the

Economic Club of Canada and other public forums, and has authored a weekly column in one of

Canada’s major business newspapers.

Per Johansson

Director General

Swedish Inspectorate of Auditors

Per Johansson is the Director General of the Swedish Inspectorate of Auditors. Prior to this

position he was the Director General of the Supervisory Board of Public Accountants in Sweden,

Director of the Swedish National Audit Office at Riksrevisionen from January 2010 to January

2016, and a Senior Advisor in the Budget Department at the Swedish Government Offices

Ministry of Finance. Previously, Mr. Johansson worked in audit at various public and private

organizations, including the United Nations Office of Internal Oversight Services, Karlstad

University, The Swedish Recuse Services Agency, and PricewaterhouseCoopers. He also has

held a Lecturer position in Accounting at Mid Sweden University.

He received his Bachelors and Masters of Business Administration from Mid Sweden

University, and has attended various executive education programs including at the Stockholm

School of Economics, London School of Economics and Political Science, and the Swedish

Government Leadership Program.

Naweed Lalani

Associate Director, Audit and Credit Rating Agencies – Supervision

Dubai Financial Services Authority

Naweed Lalani is an Associate Director, Audit and Credit Rating Agencies in the Supervision

Division. He joined the DFSA in November 2010 and is currently responsible for the supervision

and monitoring of DFSA Registered Auditors and Credit Rating Agencies.

Prior to joining the DFSA, Mr. Lalani was associated with Ernst & Young and

PricewaterhouseCoopers in various capacities and gained his experience in Assurance, Risk,

Transaction Advisory, Islamic Finance and Frauds, Investigation and Dispute Services.

Mr. Lalani represents the DFSA at the International Forum of Independent Audit Regulators

(IFIAR) and Asian-Oceania Standard Setters Group (AOSSG). He is a member of International

Accounting Standards Board (IASB) Consultative Advisory Group on Islamic Finance and also

chairs the IFIAR’s Task Force for Smaller Regulators. Mr. Lalani is also a regular speaker in the

local universities and regional forums on the subject of public oversight.

Mr. Lalani’s credentials include setting up the DFSA’s audit monitoring regime for small and

medium sized audit firms, expansion of DFSA’s audit oversight to Public Listed Companies

(PLCs), issuance of first ever public report on DFSA’s audit monitoring, “equivalence” and

“adequacy” recognition by European Commission and enhancements to the audit oversight

regime.

Mr. Lalani holds a Bachelor of Commerce Degree, Master of Business Administration Degree

and is a Chartered Accountant. Mr. Lalani also holds International Compliance Association’s

Advanced Diploma in Anti Money Laundering.

Melanie McLaren

Executive Director, Audit and Actuarial Regulation

Financial Reporting Council, United Kingdom

Melanie McLaren is the Financial Reporting Council (FRC) Board member responsible for

FRC's promotion of audit quality. Ms. McLaren joined the FRC in June 2012 and was

responsible for policy direction and implementation through the UK Corporate Governance and

Stewardship Codes, financial reporting, audit and assurance and actuarial standards.

Ms. McLaren has a background in professional and financial services. She was a partner in PwC,

leaving the firm in April 2009, and prior to joining the FRC was Chief Risk Officer at Friends

Life. Ms. McLaren is non-executive director and chair of the risk, compliance and audit

committee and the UK Municipal Bonds Agency plc.

Motonobu Matsuo

Secretary General, Certified Public Accountants and Auditing Oversight Board

Deputy Director-General, Credit & Insurance system

Financial Services Agency of the Government of Japan

Motonobu Matsuo is Deputy Director-General (Credit & Insurance system) and Secretary

General (Certified Public Accountants and Auditing Oversight Board) of the Financial Services

Agency, the Government of Japan (JFSA). He is mainly responsible for legal systems for

banking and insurance industries and Japanese FinTech policy.

Prior to joining JFSA in July 2014, Mr. Matsuo had his long career in the Ministry of Finance,

Government of Japan. He served as Budget Examiner for Local Government Finance and was

responsible for budgeting for local government. He also served as Director for Foreign Exchange

Markets Division and was responsible for Japanese foreign exchange policy measures and

managing foreign reserves.

Mr. Matsuo also had a role of Counselor, Cabinet Legislation Bureau from 2002 to 2008, and

Deputy Personal Secretary to the Prime Minister from 1994 to 1995.

Mr. Matsuo holds B.A. in law from the University of Tokyo and L.L.M. from Harvard Law

School.

Takashi Nagaoka

Director for Policy and Strategy Development

Securities and Exchange Surveillance Commission, Japan

Takashi Nagaoka is the Director for Policy and Strategy Development for the Japanese Securities

and Exchange Surveillance Commission. He is also the Director of the Office of the Japanese

Delegation to the International Forum of Independent Audit Regulators.

Prior to this position, Mr. Nagaoka was Assistant Commissioner for International Affairs of the

Financial Services Agency of Japan (JFSA). He was charge of overseeing international affairs in

the area of bank supervision. Before moving to that position in July 2014, he spent two years as

Director for Enforcement of Corporate Disclosure, where he led an office in charge of

enforcement of audit laws and regulations as well as disclosure rules. Immediately before that, he

spent three years taking charge of international affairs in the areas of accounting and auditing as

well as securities regulations, being involved in various IOSCO related engagements. He also

served as the secretariat of the IFRS Foundation Monitoring Board under Japan’s chairmanship.

His previous experiences at the JFSA range from inspection and supervision of financial

institutions to enforcement of securities laws. He started his career at the Ministry of Finance of

Japan in 1991 and also worked as an economist at the International Monetary Fund for three

years before joining the JFSA in 2002.

He earned an MBA (beta gamma sigma) at Columbia University, and a Bachelor’s degree (LLB)

at Tokyo University.

Ong Khiaw Hong

Chief Executive

Accounting and Corporate Regulatory Authority, Singapore

Ong Khiaw Hong is the Chief Executive of the ACRA since April 1, 2017. As ACRA is the

regulator of business entities, public accountants and corporate service providers in Singapore,

Mr. Ong also performs the statutory functions of the Registrar of Companies, Businesses, Public

Accountants, Limited Liability Partnerships and Limited Partnerships.

Mr. Ong sits on several national committees including the Accounting Standards Council of

Singapore, Corporate Governance Council and the Singapore Accountancy Commission.

Internationally, he represents Singapore in the Executive Committee of the Corporate Registers

Forum and on the Board of the International Forum of Independent Audit Regulators.

Thierry Ramonatxo

Rapporteur General, Head of Enforcement

French High Council for Statutory Auditors (H3C)

Thierry Ramonatxo is the Rapporteur General and Head of Enforcement in the Haut Conseil du

Commissariat aux Comptes (H3C) since September 1, 2016.

Prior to joining the H3C, Mr. Ramonatxo was a public prosecutor at the Paris Court of Appeal

and Deputy Head of the Division for Economic and Financial Affairs from 2015 to 2016.

In September 2013, Mr. Ramonatxo was appointed as counsellor at the Bordeaux Court of

Appeal, following his tenure from July 2009 onwards as Head of the Office of Legal Relations in

charge of military criminal affairs for the Legal Affairs Department in the Ministry of

Defence. He became the First Deputy Prosecutor at the Bordeaux High Court in 2003 after

having served with the High Court of Béthune as Deputy Prosecutor. From 1998 to 2000, he

was the legal counsellor to the Head of Enforcement at the Commission des opérations de bourse

(COB).

Mr. Ramonatxo holds a Master in Law and studied at the French National School for the

Judiciary (ENM), and is a qualified magistrate. He holds the French honorary title as a « Knight

of the National Order of Merit ».

Jay Ritter

Joseph B. Cordell Eminent Scholar Chair

University of Florida, Warrington College of Business

Since 1996, Jay R. Ritter has served as the Joseph B. Cordell Eminent Scholar in the Department

of Finance at the University of Florida. He teaches corporate finance classes at the

undergraduate, masters, and PhD level.

Prior to lecturing at the University of Florida, Professor Ritter also held academic positions at the

Wharton School of the University of Pennsylvania, the School of Business Administration at the

University of Michigan, the College of Commerce and Business Administration at the University

of Illinois, and the Sloan School of Management at the Massachusetts Institute of Technology.

Professor Ritter is known as “Mr. IPO” for his work on initial public offerings. During 2014-15,

he served as president of the Financial Management Association. He received his BA, MA, and

PhD (1981) degrees in economics and finance from the University of Chicago.

Anne Sheehan

Director of Corporate Governance

California State Teachers’ Retirement System (CalSTRS)

Anne Sheehan is the Director of Corporate Governance for the California State Teachers’

Retirement System (CalSTRS), the largest educator-only public pension fund in the world, where

she is responsible for overseeing all corporate governance activities for the fund including proxy

voting, company engagements and managing over $4 billion placed with activists managers.

Prior to that, she served as Chief Deputy Director for Policy at the California Department of

Finance. During her tenure at Finance, Ms. Sheehan served on both the CalSTRS and CalPERS

Boards as well as serving as the Executive Director of the Governor’s Post-Employment Benefits

Commission. Ms. Sheehan served as the Chair of the Council of Institutional Investors for two

years, as well as having served two terms on the NASDAQ Listing Council. Ms. Sheehan is

currently Chair of the SEC’s Investor Advisory Committee, a Member of the Advisory Board of

the Weinberg Center for Corporate Governance at the University of Delaware, and a Member of

the Board of Directors of the 30 Percent Coalition. Ms. Sheehan was named one of the 100 most

influential people on corporate governance by Directorship magazine for the past seven years.

Benjamin Singer

Chief, Securities and Financial Fraud Unit, Fraud Section, Criminal Division

United States Department of Justice

Benjamin Singer joined the Department of Justice’s Fraud Section in 2009, and currently serves

as the Chief of the Fraud Section’s Securities and Financial Fraud Unit. In that role, Mr. Singer

supervises approximately 50 prosecutors who bring complex securities, commodities and other

financial fraud cases, with a focus on cross-border crimes. Among other things, Mr. Singer has

led the Department’s investigation and prosecution of Volkswagen and its executives, and the

investigation and prosecution of certain global financial institutions and their employees for

manipulating LIBOR and the foreign exchange markets.

Prior to joining the Fraud Section, Mr. Singer worked for seven years in private practice in New

York, focusing on white collar criminal defense.

Mr. Singer is a graduate of Cornell Law School and the College of William & Mary.

Eugene Soltes

Jakurski Family Associate Professor of Business Administration

Harvard Business School

Eugene Soltes is the Jakurski Family Associate Professor of Business Administration at Harvard

Business School where his research focuses on corporate misconduct and fraud, and how

organizations design cultures and compliance systems to confront these challenges. He teaches in

several of the school’s executive education programs and was the recipient of the Charles M.

Williams Award for outstanding teaching.

Professor Soltes’ work on corporate misconduct and fraud culminated in the book Why They Do

It: Inside the Mind of the White-Collar Criminal, which was described by Kirkus Reviews as “a

groundbreaking study” on white-collar criminality. The book explores why often wealthy and

successful executives engage in deception. The investigation draws on more than seven years of

interaction with nearly fifty of the most high-profile former executives. The book refutes popular

explanations of why seemingly successful executives engage in fraud and shows that most

executives make decisions the way we all do—on the basis of intuitions and gut feelings. The

trouble, Soltes shows, is that these gut feelings are often poorly suited for the modern business

world and often lead to the harmful acts that we so often read about in the news.

At the organizational level, Professor Soltes examines how firms voluntarily disclose

information to investors, employees, and regulators. This research has been published in leading

finance, accounting, and economics journals and has resulted in numerous awards including the

Hillcrest Behavioral Finance Award, California Corporate Finance Conference Award, and the

Financial Research Association Best Paper Award.

Professor Soltes is a popular keynote speaker and frequently advises firms about their

compliance programs and training. He is regularly invited to speak to regulators, including the

Department of Justice, Securities and Exchange Commission, United States Treasury, and the

Federal Bureau of Investigation. Professor Soltes’ research has been widely quoted by the media

including in The Wall Street Journal, Financial Times, The New York Times, NPR, and The

Economist.

Prior to joining the faculty of the Harvard Business School, Professor Soltes received his PhD

and MBA from the University of Chicago Booth School of Business, and his AM in statistics

and AB in economics from Harvard University.

Jessica Tuchman Mathews

Distinguished Fellow

Carnegie Endowment for International Peace

Jessica Tuchman Mathews is a distinguished fellow at the Carnegie Endowment for International

Peace. She served as Carnegie’s president for 18 years. Before her appointment in 1997, her

career included posts in both the executive and legislative branches of government, in

management and research in the nonprofit arena, and in journalism and science policy.

She was director of the Council on Foreign Relations’ Washington program and a senior fellow

from 1994 to 1997. While there she published her seminal 1997 Foreign Affairs article, “Power

Shift,” chosen by the editors as one of the most influential in the journal’s seventy-five years.

From 1982 to 1993, she was founding vice president and director of research of the World

Resources Institute, an internationally known center for policy research on environmental and

natural resource management issues.

She served on the Editorial Board of the Washington Post from 1980 to 1982, covering arms

control, energy, environment, science, and technology. Later, Dr. Mathews wrote a popular

weekly column for the Washington Post that appeared nationwide and in the International Herald

Tribune.

From 1977 to 1979, she was director of the Office of Global Issues at the National Security

Council, covering nuclear proliferation, conventional arms sales, and human rights. In 1993, she

returned to government as deputy to the undersecretary of state for global affairs. Earlier, she

served on the staff of the Committee on Energy and the Environment of the Interior Committee

in the U.S. House of Representatives.

Dr. Mathews is a member of the Harvard Corporation, the senior governing board of Harvard

University. She has served as a trustee of leading national and international nonprofits, including

the Nuclear Threat Initiative, Radcliffe College, the Inter-American Dialogue (co-vice chair),

four foundations (the Rockefeller Foundation, Rockefeller Brothers Fund, the Century

Foundation, and the Joyce Foundation), and the Brookings Institution. She co-founded the

Surface Transportation Policy Project, has served on study groups at the National Academy of

Sciences, and is an elected fellow of the American Philosophical Society. Since 2001 she has

served as a director of SomaLogic, a leading biotech firm in the breakthrough field of

proteomics. She is also a director of HanesBrands Inc.

Dr. Mathews has published widely in newspapers and in foreign policy and scientific journals,

and has co-authored and co-edited three books. She holds a PhD in molecular biology from the

California Institute of Technology and graduated magna cum laude from Radcliffe College.

Merel van Vroonhoven

Chairman

Authority for Financial Markets, Netherlands

Merel van Vroonhoven took up the position of Chairman of the Executive Board of the Dutch

Authority for the Financial Markets (AFM) on the 1st of April, 2014. As a member of the Board,

she is responsible for Compliance & Integrity, the Internal Audit service and the departments of

Strategy, Policy and International Affairs, legal affairs and Communications.

From 2009 until the 1st of April 2014, Ms. Van Vroonhoven was a member of the Executive

Board of Nederlandse Spoorwegen (Dutch Railways), where she gained significant experience

with working in public/private environments. Prior to her employment with NS, she fulfilled

various positions with the bank and insurance company ING, both in the Netherlands and abroad.

Until 2007, Ms. van Vroonhoven was the director of the collective pension operations of the

insurance company Nationale Nederlanden, after which she joined ING Investment Management

Europe. There, as a member of the Management Committee, she was responsible for the

insurance portfolio and fiduciary asset management, among other things.

Ms. Van Vroonhoven strives for diversity within organizations. This stems from her belief that

the strength of a business (and society) lies in the fact that every person is unique and different,

and that it is the differences that make organizations stronger.

In 2012, Ms. van Vroonhoven was elected the top executive woman of the year in the

Netherlands. Van Vroonhoven studied Geophysics at the Delft University of Technology (1993)

and obtained her MBA degree, with honours, from INSEAD, in Fontainebleau (2000).

David L. Yermack

Albert Fingerhut Professor of Finance and Business Transformation; Chair, Finance

Department

New York University Stern School of Business

David Yermack is the Albert Fingerhut Professor of Finance and Business Transformation and

Chairman of the Finance Department at New York University’s Stern School of Business, where

he has been a member of the faculty since 1994. He is also an Adjunct Professor of Law at the

NYU School of Law, Director of the NYU Pollack Center for Law and Business, and a Research

Associate of the National Bureau of Economic Research law and economics program.

Since 2014 Professor Yermack has co-taught a full semester course at NYU on digital currency

and blockchains, the first course of its type offered by a major research university. He has helped

launch a FinTech program at NYU Stern, which in Fall 2016 became the first business school at

which MBA students could specialize in this area.

In addition to his recent research on blockchains and digital currencies, Professor Yermack has

published some of the most cited papers in the fields of executive compensation and corporate

governance. He has also written papers on such diverse topics as options in baseball player

contracts, incentive compensation for clergymen, tobacco litigation, fraudulent charitable

contributions, CEOs’ mansions, and the fashion industry. Professor Yermack was awarded AB

(1995), MBA (1991), JD (1991), AM (1993) and PhD (1994) degrees, all from Harvard

University. He has been appointed as a visiting professor at 12 international universities, a

visiting scholar at the Federal Reserve Banks of New York and Philadelphia, and has given

invited research seminars at more than 100 universities and institutes worldwide.