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U.S. Securities and Exchange Commission

Financial Reporting Series

Measurement Uncertainty in Financial Reporting: How Much to Recognize and How Best to Communicate It

Panelist Biographies

Loretta Cangialosi
Senior Vice President and Controller
Pfizer Inc.

Loretta Cangialosi is a Certified Public Accountant with over 25 years of experience and is currently Senior Vice President and Controller of Pfizer Inc.

In February of 1993, Ms. Cangialosi joined Pfizer Inc., and after holding various positions of increasing responsibility in the Controller’s Division, she was named Vice President and Controller in October 1999. Ms. Cangialosi oversees accounting policies and training, external and internal financial reporting, consolidations, internal controls and lends her expertise to various business development activities and transformational projects.

She is actively involved in providing strategic direction for Finance and its related information technology systems.

Prior to joining Pfizer, Ms. Cangialosi was a Senior Manager with KPMG in its New York Audit Group.

Ms. Cangialosi is Chair of the Financial Executives International Committee on Corporate Reporting.

Anna Dopkin
Portfolio Manager
Director of Equity Research — North America
T. Rowe Price Group Inc.

Anna Dopkin, CFA, is a Director of Equity Research for North America and a Portfolio Manager for T. Rowe Price Group, Inc. She joined the firm in 1996 as a financial services analyst. She is lead portfolio manager of the firm’s Structured Research Strategy and is also a member of the firm’s Equity Steering Committee. Prior to that, she managed the firm’s Growth and Income Fund as well as the firm’s Financial Services Fund.

She formerly worked at Goldman Sachs in New York and London. Ms. Dopkin earned a BS (magna cum laude) from the Wharton School of the University of Pennsylvania and she holds the Chartered Financial Analyst designation.

She is on the board of Trustees for the Baltimore Urban Debate League and is a former board member of McDonogh School, the University System of Maryland Foundation, and the University of Maryland Baltimore Foundation, Inc.

Ms. Dopkin was named among the Best of the Buy Side in 2001 and 2002, according to a survey by Institutional Investor magazine. She has also been voted one of Maryland’s Top 100 Women by The Daily Record.

Gary R. Kabureck
Vice President & Chief Accounting Officer
Xerox Corporation

Gary Kabureck is the Vice President and Chief Accounting Officer for Xerox Corporation and, since 2001, has been the executive officer-in-charge of the company’s worldwide accounting and controls organization. In his role as the Chief Accounting Officer, he is responsible for Xerox’s worldwide books of account, external and internal financial reporting and finance systems. He is also responsible for Xerox’s Sarbanes-Oxley financial compliance processes, internal control, audit coordination activities and finance training. He is the primary interface with the company’s external auditors and develops, maintains and implements the company’s accounting policies.

Mr. Kabureck joined Xerox in 1985 after a 10 year career at PricewaterhouseCoopers and has assumed increasing responsibility for managing and directing accounting programs and policies, standards, procedures and controls. He also served as Vice President and Controller for financial services for the company’s North American Solutions Group from 1997-2000.

Mr. Kabureck holds a Bachelor of Science degree in accounting and a master of business administration in finance, both from the University of Bridgeport, Connecticut. Currently, Mr. Kabureck is a member of the FEI’s National Committee on Corporate Reporting and is Chairman of the FEI’s FASB Subcommittee. In addition, he is a member of the advisory council to the Financial Accounting Standards Board (FASAC) and the Standing Advisory Group to the Public Company Accounting Oversight Board (PCAOB).

Mr. Kabureck is a frequent speaker on financial accounting, reporting and governance topics.

Adam Litke
Chief Risk Strategist

Adam Litke is the Chief Risk Strategist for Bloomberg. He is responsible for developing Bloomberg's strategy around risk models and software. As part of this he oversees the development of a new generation of capital models that reflect economic data, fat tailed distributions and possibly expert judgment in addition to short term price data.

Prior to this Adam was the head of Market Risk for the Securities and Investment Group of Wells Fargo and head of Market Risk for Wachovia where he managed market risk activities including quantitative risk management, counterparty risk modeling and direct management of market risk. Before that Adam worked for Barclays Bank, PLC as the head of Market Risk in the Americas and head of Market Risk for Global Financing. Adam also served as the Global Head of Market Risk for Swiss Re Financial Products, and spent several years in various management roles with BNP Paribas.

Adam is a trustee of the Georgia State University Risk Management Foundation and is a former advisory board member for the GSU masters program in mathematical risk management. He is also a past chairman of the Market Risk Program Committee for the New York Chapter of PRMIA.

Jennifer Paquette, CFA
Chief Investment Officer
Colorado PERA

Jennifer Paquette is Chief Investment Officer at Colorado PERA and is responsible for the pension plan’s investment program.  She oversees portfolio and risk management for global equities, fixed income, real estate, alternatives and new investment opportunities.

Previously, Ms. Paquette chaired Colorado PERA’s asset liability study, served as the Director of Fixed Income and as a Senior Fixed Income Analyst. Prior to working at Colorado PERA, Ms. Paquette was Vice President, Institutional Account Executive for Merrill Lynch, Pierce, Fenner & Smith in New York. She has also worked for Alliance Capital Management in New York as Vice President, Portfolio Manager. 

She has over 20 years of investment experience.  Ms. Paquette holds a BA degree from Boston College and a Master of Science degree from The London School of Economics.

Stephen H. Penman
George O. May Professor
Columbia University

Stephen Penman is the George O. May Professor in the Graduate School of Business, Columbia University where he is also co-director of the Center for Excellence in Accounting and Security Analysis. Prior to his appointment at Columbia in 1999 he was the L.H. Penney Professor in the Walter A. Haas School of Business at the University of California at Berkeley where he initiated and chaired Berkeley’s Annual Conference on Financial Reporting.

Professor Penman received a first-class honors degree in Commerce from the University of Queensland, Australia, and M.B.A. and Ph.D. degrees from the University of Chicago. His research is concerned with the valuation of equity and the role of accounting information in security analysis. He has published widely in finance and accounting journals and has conducted seminars on fundamental analysis and equity evaluation for academic and professional audiences.

In 1991 Penman was awarded the Notable Contribution to Accounting Literature Award by the American Accounting Association and the American Institute of Certified Public Accountants, and in 2002 was awarded the American Accounting Association and Deloitte & Touche Wildman Medal for his book, Financial Statement Analysis and Security Valuation. In 1997 he was awarded the Institute for Quantitative Investment Research (INQUIRE) Prize in the U.K. In 2005 he was awarded the Geewax Terker & Co Prize in Investment Research, and in 2011 the Roger F. Murray prize from The Institute for Quantitative Research in Finance. His new book, Accounting for Value, was published in January 2011.

R. Scott Siefers
Managing Director, Equity Research
Sandler O'Neill + Partners, LP

R. Scott Siefers is a Managing Director in the Research Department of Sandler O’Neill + Partners, L.P. He joined Sandler O’Neill in 2002 from Prudential Securities, where he served as an associate analyst, focusing on super-regional banks in the Midwest and Southeast.

Mr. Siefers began his career in 1998 with McDonald Investments in Cleveland as a research analyst, focusing on Midwestern banks and thrifts. Mr. Siefers earned a Bachelor of Science degree in finance from Miami University of Ohio.

Pinto Suri
Sr. Analyst
Flaherty & Crumrine

Mr. Suri joined Flaherty & Crumrine in 2005, after several years as equity and fixed income analyst focused on the Financial Institutions sector. He currently is a member of the firm’s investment committee and covers the insurance sector globally as well as banks and broker/dealers in the U.S. and Europe.

Prior to joining Flaherty & Crumrine, Mr. Suri was a sector specialist covering the Financial Institutions space within the Valuation & Accounting team at UBS. Before UBS, Mr. Suri was an analyst at A.M. Best. He began his career in capital markets at Kidder, Peabody & Co. Mr. Suri received an MBA from Duke University’s Fuqua School of Business.

Christopher M. Begg
Chief Executive Officer, Chief Investment Officer, and Co-Founder
East Coast Asset Management

Christopher M. Begg is the Chief Executive Officer, Chief Investment Officer, and Co-Founder of East Coast Asset Management. Chris has over fifteen years of investment experience. Prior to co-founding East Coast Asset Management, Chris was a Portfolio Manager and Research Analyst at Moody Aldrich Partners, LLC. Prior to Chris's time at Moody Aldrich Partners, he was a Principal of Boston Research and Management where he served as a Portfolio Manager.

Chris is currently an Adjunct Professor at the Heilbrunn Center of Graham and Dodd Investing at Columbia Business School. He teaches Security Analysis.

Chris received his BS degree from the University of New Hampshire and holds a Chartered Financial Analyst (CFA) designation. Chris is a member of the Boston Security Analyst Society, the CFA Institute, the Consumer Analyst Group of New York (CAGNY) and the Boston Estate Planning Council (BEPC).

Terri Z. Campbell
Senior Investment Officer
Liberty Mutual Group Asset Management Inc.

Terri Z. Campbell is a Senior Investment Officer with Liberty Mutual Group Asset Management Inc. and is the head of public equity investments for the company. She is responsible for in-house equity strategies and externally managed portfolios. She also oversees global equity allocation, external manager selection and economic research for the investment department. Prior to joining Liberty Mutual, Ms. Campbell managed a US Large Cap Core fund for Eastern Investment Advisors, a division of Eastern Bank in Boston, Massachusetts. In addition, she was responsible for asset allocation strategy for endowments and high net worth individuals while at Eastern Bank. She also held analyst positions covering Information Technology stocks at The Boston Company Asset Management and covered Energy stocks at Independence Investment Associates.

Ms. Campbell received her MBA from Cornell University and a B.A. in International Studies and Russian Language and Literature from the Ohio State University. She holds the Chartered Financial Analyst (CFA) designation and is a co-chair for the US Corporate Reporting Users’ Forum (CRUF).

Steven M. Glover, Ph.D., CPA
School of Accountancy, Brigham Young University

Steve Glover is the Mary & Ellis Professor in the School of Accountancy (SOA) at Brigham Young University. He received his Ph.D. at the University of Washington. Steve teaches undergraduate and graduate courses in the SOA and a judgment and decision-making course in the Executive M.B.A. program. Prior to his graduate studies, he worked as a senior accountant for KPMG in Seattle. From 2000 to 2002, Steve took a leave of absence from BYU to work as a director in the U.S. National Office of PwC where he worked on a team revising audit policies. Steve continues to consult with public accounting firms and has also served as an expert witness. Steve served on the American Institute of Certified Public Accountants’ (AICPA) Task Force for Sampling/Materiality Issues in a Single Audit Environment, and as a reviewer for the AICPA’s 2008 Audit Sampling Guide. Steve is a co-author on monograph on elevating professional judgment and skepticism and has developed and delivered related training.

Steve has served the American Accounting Association in various capacities including: President of the Auditing Section, Auditing Section Distinguished Service Award Committee, AAA/AICPA Notable Contributions to the Literature Committee, Chair of the Auditing Section Outstanding Dissertation Award Selection Committee, AICPA/AAA Joint Literature Award Recommendation Committee, Auditing Section Nominating Committee, Vice Chair of the American Accounting Association Annual Meeting, and Co-Chair of the Auditing Section Meeting. Steve has received BYU Marriott School’s Teaching Excellence and Outstanding Researcher awards.

Steve’s primary research interests involve the application of behavioral decision theory to professional judgment of auditors and financial analysts. He has had articles published in Accounting Horizons, The Accounting Review, Auditing: A Journal of Practice and Theory, Behavioral Research in Accounting, Contemporary Accounting Research, the Journal of Accounting Research, Organizational Behavior and Human Decision Processes, Current Issues in Auditing, Issues in Accounting Education, the Journal of Accountancy, Internal Auditor, and the CPA Journal. Steve has co-authored several books including Auditing: A Systematic Approach (8e), Auditing Cases: An Interactive Learning Approach (5e), and An Introduction to the Corporate Governance and the SEC.

Joseph Longino
Sandler O’Neill + Partners, L.P.

Joseph Longino is a Principal of Sandler O'Neill + Partners, L.P. A member of the firm’s Investment Strategy Group, Mr. Longino is a primary resource to Sandler O’Neill clients on supervisory, regulatory, and accounting matters, and also assists with financial, risk management, and strategic planning matters.

Mr. Longino has spoken at numerous industry conferences, including the national conferences of America’s Community Bankers and the Financial Managers Society, and has contributed to the American Banker and other publications. His comments have appeared in The Wall Street Journal, Bloomberg and other business news media. He frequently publishes notes to clients and authors comment letters to the accounting boards and financial supervisors on matters important to Sandler O’Neill clients. He also co-edits and writes for the firm’s Financial Debt Quarterly.

Before joining the Investment Strategy Group, Mr. Longino served as Editor in Chief of Research at Sandler O’Neill as well as an equity analyst covering banks and thrifts. In their 2003 “Best on the Street” Analysts Survey, The Wall Street Journal and Thomson Financial named Mr. Longino the No. 2 bank and S&L analyst in the country for stock selection in 2002. Forbes.com and StarMine named him the top estimator of thrift and mortgage finance earnings in 2003.

Before joining Sandler O’Neill in 1991, Mr. Longino was the Assistant Director for Corporate Activities of the Office of Thrift Supervision, Northeast Region. Prior to that, he served as a Supervisory Agent and Assistant Vice President of the Federal Home Loan Bank of New York, and as Special Counsel for Regulations and Legislation of the Federal Home Loan Bank Board, Washington, D.C. He previously practiced business and finance law in the D.C. office of Morgan, Lewis & Bockius.

Mr. Longino received his Juris Doctor from the Catholic University of America's Columbus School of Law, where he served on and wrote for the Law Review, and is admitted to the District of Columbia and Pennsylvania bars. In addition, he holds a Doctor of Philosophy in English from the University of Connecticut, a Master of Arts from the University of Cincinnati, and a Bachelor of Arts from Emory University.

Paul Munter
Partner, Department of Professional Practice—Audit

Paul Munter is a Partner in the Department of Professional Practice—Audit with KPMG. He serves as the lead technical partner and professional practice leader for the US firm’s IFRS activities and also serves on KPMG’s Global IFRS Panel which is responsible for establishing KPMG positions on the application of IFRS.

He also is involved in the development of firm positions in response to proposals from the IASB, IFRIC, FASB, SEC and other standard setters as well as the development of the firm’s guidance and publications on both IFRS and US GAAP including, Comparison of IFRS to US GAAP, Business Combinations (both IFRS and US GAAP guidance) and Share-Based Payments.

He served as an Academic Fellow in the Office of the Chief Accountant at the U.S. Securities and Exchange Commission where he worked on many of the Commission’s Sarbanes-Oxley initiatives and rule-making activities. Previously, he served as KPMG Professor and Chairman of the Department of Accounting at the University of Miami in Coral Gables, Florida. He earned his PhD in accounting at the University of Colorado. He received his B.S. and M.S. degrees from Fresno State University. He is a CPA in New York, Florida, and Colorado.

Mr. Munter was honored by the Texas Society of CPAs as its first “Outstanding Discussion Leader.” He has also been honored by the Florida Institute of CPAs as its Outstanding Educator and he was honored by Beta Alpha Psi as the National Business Information Professional of the Year.

Mark R. Newsome, CFA
Managing Director
ING Capital LLC

Mr. Newsome is a Managing Director at ING Capital LLC, a division of ING Bank. Since joining ING in 1997, Mr. Newsome has advised ING’s clients on debt financing alternatives for acquisitions, structured lending and other corporate debt needs. His primary area of expertise is the insurance and financial services industries where he has worked with a wide range of domestic and international companies.

Prior to joining ING, Mr. Newsome was a senior analyst at The Firemark Group, an investment and research firm focused on the insurance industry. His primary responsibilities included researching domestic and international investment opportunities, managing consulting projects and writing articles and research reports that were published by Firemark.

Mr. Newsome is actively involved in volunteer activities including the Moravian College Investment Committee, a member of the FASB’s Investor Technical Advisory Committee, and a member of the Holy Cross Church Finance Council. He has spoken at numerous conferences on financial reporting. Mr. Newsome received an MBA from Columbia Business School and London Business School, a BA from Moravian College and is a Chartered Financial Analyst.

Gary G. Walsh, CFA, CPA
Principal and Portfolio Manager
Luther King Capital Management

Gary G. Walsh is a Principal and Portfolio Manager for Luther King Capital Management, an investment counseling firm located in Fort Worth. Following a one-year internship, he joined the firm full-time in 1995 as an analyst. He was initially responsible for covering the technology sector. He continues to be responsible for investments made by the firm on behalf of its clients in the telecommunications area. Mr. Walsh’s primary focus is now the management of portfolios for wealthy families and foundations. He specializes in serving clients who are in the health care field.

Prior to working with Luther King Capital Management, Mr. Walsh worked for The Dexter Corporation in Windsor Locks, Connecticut performing due diligence and integration work on acquisitions. He was the interim Chief Financial Officer for Dexter’s automotive business in Heidelberg, Germany and conducted internal audits evaluating financial reporting, internal controls and compliance with corporate policies. Prior to working with Dexter, he was employed for five years at Arthur Andersen & Co. in Dallas performing audits and corporate finance work, primarily for clients in the telecommunications and technology industries.

Mr. Walsh graduated from Southern Methodist University in 1986 with a BBA in Accounting, and received his MBA from Texas Christian University in 1995, specializing in Finance. He received the M.J. Neeley School Outstanding Graduate Student Award and was a Neeley Scholar. In 1998 and 1999, Mr. Walsh worked as an adjunct professor at TCU, teaching Securities Analysis to both graduate and undergraduate students. He was a founding member of the Neeley School MBA Alumni Advisory Board and also was a founding member of the SMU Buy-Side Club Advisory Board.

Mr. Walsh is a Certified Public Accountant and is a member of the Texas Society of CPAs. He is a Chartered Financial Analyst, serves on the board of the CFA Society of Dallas-Fort Worth and is the past president of that organization. Since 2003, Mr. Walsh has served as a trustee of the Cook Children’s Health Care System and served as the Chairman of both the Health Care System and the Foundation from 2008 to 2010. He is currently serving as the Chairman of the Audit Committee.

Dorsey Baskin, CPA
Partner, Grant Thornton LLP

Dorsey Baskin is currently Managing Partner – Assurance Services Development. Dorsey leads and supports Grant Thornton’s national service development teams on a wide range of matters including compliance–with security and privacy, conflict minerals attestation, assurance on sustainability reporting, and implementation of major accounting changes. In addition to this role, Dorsey continues to stay involved in technical consultations, particularly supporting the Financial Services industry, and continues to support the firm’s outreach to the academic community.

Dorsey’s previous role as a National Professional Practice Director for his first nine years at Grant Thornton placed him at the focus of significant internal consultations on difficult accounting, audit, client acceptance and other risk management matters.
Dorsey came to Grant Thornton after spending more than 25 years with Arthur Andersen in a variety of positions, most recently as the Managing Director of their Assurance Professional Standards Group. In that capacity he was responsible for maintaining firm wide policy manuals and practice aids related to their global audit and other attest services and consulting on engagement matters related to firm policies and compliance with professional auditing and attest standards.

Dorsey has served on several AICPA committees and task forces, including as Chairman of the AICPA Thrift Committee and as a member of the combined Bank and Savings Institutions Committee. He was a member of task forces related to FDICIA Implementation, Trade Date versus Settlement Date, Accounting for ADC Loans, Other Than Temporary Impairment, SAB 99 (Materiality) and he was chairman of the task force that produced SOP 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer. He is currently Co-editor of Current Issues in Auditing (an American Accounting Association journal).

Michael J. Gallagher
Managing Partner
Assurance Quality and Transformation
PricewaterhouseCoopers LLP

In his role as Managing Partner, Assurance Quality & Transformation, Mike Gallagher is responsible for a number of functions within Assurance focused on audit quality. Mike leads the National Office, including: Accounting Services; SEC Services; Risk Management; Strategic Thought Leadership, Auditing Services and Audit Methodology. Mike is also responsible for PwC's Audit Transformation Program (ATP), Learning & Development, and Regulatory Relations and Inspections groups.

Mike has more than 26 years of experience with client assignments involving numerous multinational SEC registrants. His previous National Office roles and leadership positions included serving as PwC's U.S. Chief Accountant, U.S. Risk Management Leader and National Office Accounting Consulting Partner.

He has served as a Global Engagement Partner on a number of multinational SEC registrants focused primarily in the chemical/industrial products sector.

Mike formerly served on PwC's US Board of Partners and Principals, including the Finance, Governance, and Clients and Strategy committees.

Mike is a member of the PCAOB's Standing Advisory Group and Chairman of the Center for Audit Quality's Professional Practice Executive Committee. He is a frequent speaker at industry events and a member of the AICPA and Pennsylvania Institute of CPAs.

Elizabeth Gantnier
Audit Partner
Stegman & Company

Liz Gantnier is an audit partner and is Stegman & Company’s President and Director of Quality Control. She is responsible for firm accounting and audit technical standards, regulatory liaison, PCAOB inspections and peer review.

Liz is a member of the Maryland State Board of Public Accountancy. Appointed by Governor O’Malley in 2010, she is one of the CPA members on the Board and is responsible for the Board’s peer review oversight program.

Liz is a member of the National Association of State Boards of Accountancy Compliance Assurance Committee. This committee works with State Boards on peer review oversight.

Liz is a current member of the PCAOB’s Standing Advisory Group and a member of the AICPA’s national committee on continuing professional education. She served as a member of the Center for Audit Quality’s Professional Practice Executive Committee.

Liz is an AICPA instructor on technical topics, such as accounting and auditing. She is a frequent commenter and speaker on SEC reporting topics, including internal control and fraud.

Diann D. Gross
Ernst & Young LLP

Diann Gross is a senior partner with Ernst & Young LLP. She has been with E&Y for 31 years, with experience serving large, multi-location clients in a variety of industries. For the past 14 years she has been a partner in the National Office Professional Practice group and is currently the America’s Director of Sub-Area Professional Practice, responsible for the Area–based Professional Practice function throughout the Americas. In this capacity, she is responsible for the quality and risk management activities and the technical aspects of audit services, and consults with clients on a wide range of accounting, auditing, reporting and SEC matters.

Diann holds a BSBA in accounting from University of Missouri – St. Louis. She is a CPA and a member and past chair of the Missouri Society of CPAs and a member of the AICPA Council.

Bradley J. Hunkler, CPA
Vice President and Chief Accounting Officer
Western & Southern Financial Group

Bradley J. Hunkler is vice president and chief accounting officer for Western & Southern Financial Group (Western & Southern), a diversified family of financial services companies based in Cincinnati.

As chief accounting officer, Hunkler oversees the accounting, planning and reporting for the company and its insurance subsidiaries. He provides financial analysis for senior management and financial statements to the company’s creditors, regulators and policyholders. Hunkler joined Western & Southern in September 2000 as assistant controller and was promoted to the position of controller the following year.

Prior to joining Western & Southern, Hunkler was an audit manager with Ernst & Young. During his six-year tenure with Ernst & Young, Hunkler served audit clients primarily in the insurance and financial services industries. Hunkler is involved with numerous professional and civic organizations.

He currently chairs the Accounting Committee for the American Council of Life Insurers (ACLI). In that role, he works with ACLI member companies to respond to developments in Generally Accepted Accounting Principles (GAAP), statutory and international accounting through meetings with members of the Financial Accounting Standards Board (FASB), the International Accounting Standards Board (IASB) and insurance regulators, and through written comment letters on proposed standards and interpretations.

Hunkler is a member of the Insurance Working Group advising the IASB on the development of an international accounting standard for insurance contracts. Hunkler also was a panelist for a Securities and Exchange Commission roundtable on Fair Value Accounting and provided testimony to the U.S. House of Representatives Committee on Financial Services. He also serves as a director and past president of the Cincinnati chapter of Financial Executives International (FEI). Within the Cincinnati community, Hunkler serves as treasurer of the Cincinnati chapter of the Urban League of Greater Cincinnati and is a current participant in Leadership Cincinnati Class 33.

Hunkler holds a Bachelor of Science degree in accountancy from Miami University.

Janet L. Pegg, CPA
Managing Director and Accounting Analyst
UBS Investment Bank

Janet Pegg is a Managing Director and Accounting Analyst in the Strategy & Valuation group at UBS Investment Bank.

Janet specializes in accounting and taxation issues applied to institutional investment analysis. Ms. Pegg frequently lectures to institutional clients, explaining and interpreting the accounting policies and financial reporting of companies in which they invest. She focuses on US and international GAAP, SEC reporting requirements and US federal taxation. She has been ranked in the Institutional Investor All-America Research Team for the past eight years.

Previously, Ms. Pegg was with Encima Global LLC, where she was an accounting and tax analyst. Prior to Encima, Janet spent 25 years as a Senior Managing Director at Bear Stearns where she was a top rated accounting analyst.

She currently serves as a founding member of the FASB’s Investors Technical Advisory Council and sat on the FASB’S Financial Accounting Standards Advisory Council. She also participates in the U.S. Corporate Reporting Users Forum.

A C.P.A. formerly with Deloitte & Touche, Ms. Pegg obtained an M.B.A. from the Leonard N. Stern School of Business at New York University and a B.A. in Economics from Rutgers University. She is a member of the American Institute of Certified Public Accountants.

Patrick T. Drum
Senior Portfolio Manager
Arbor Group at UBS Financial Services, Inc

Patrick T. Drum is a Senior Portfolio Manager at the Arbor Group at UBS Financial Services, Inc. Based in Seattle, Washington, Mr. Drum is a member of an institutional and private client advisory group specializing in the investment management for global conservation and national wildlife park endowments in addition to families seeking sustainable-social screened investment portfolios.

Mr. Drum joined the Arbor Group in 2007 as the Director of the Arbor Group's Fixed Income portfolio management activities and actively collaborates in the group's investment research activities. He is also the Environmental, Social and Governance (ESG) specialist on the team. Prior to joining the Arbor Group at UBS Financial Services, Inc. Mr. Drum was involved in business valuation at Moss Adams and previously a Portfolio Manager for Washington Mutual Bank.

Mr. Drum is a Chartered Financial Analyst Charterholder (CFA) and a Certified Financial Planner (CFP). Mr. Drum holds a B.A in Economics from Western Washington University and an M.B.A from Seattle University's Albers School of Business.

Gerald (Gerry) M. Czarnecki
Chairman of O2 Media, Inc.

Mr. Czarnecki is Chairman of O2 Media, Inc., a media and marketing organization that provides educational and branded entertainment TV programming that airs daily on the Lifetime Network, TV infomercial production, direct response marketing campaign management and internet marketing.

He is also Chairman & CEO of The Deltennium Group, Inc., a leadership development and board governance consulting practice.

In addition to his leadership responsibilities, Mr. Czarnecki is an author who has written five books: You’re In Charge…What Now? ; You’re a Non-Profit Director…What Now? ; Success Principles for Leaders; Lead with Love; and Leadership is Just One Thing After Another.

Mr. Czarnecki has been a General Manager, Chief Financial Officer, Chief Administrative Officer, Chief Operating Officer and Chief Executive Officer in a variety of industries. Prior to forming The Deltennium Group, Mr. Czarnecki was President of UNC, Inc., a NYSE aviation company which manufactured aircraft engine parts, repaired and overhauled aircraft engines and accessory components and provided outsourcing services to the US military.

Prior to that, as a Senior Vice President at IBM Corporation, Mr. Czarnecki had worldwide responsibility for human resources, real estate services, quality programs, non-manufacturing procurement, aviation and a wide range of other staff functions. Prior to joining IBM, Mr. Czarnecki held a number of executive positions in the banking and financial services including CFO of the 8th largest bank Holding company, the CEO of one large, publicly held bank and one large privately held bank owned by an investor group headed by former Secretary of the Treasury, William Simon.

Mr. Czarnecki holds a B.S. in Economics from Temple University, an M.A. in Economics from Michigan State University, is a Certified Public Accountant and has a Doctor of Humane Letters from National University. He is also a member of the board of directors of State Farm Insurance, where he serves as Chair of the Audit Committee and member of the company’s Executive Committee; State Farm Bank; State Farm Fire & Casualty companies; and MAM Software Group, Inc, where he is the Chairman of the Board.

He serves also on several non-profit boards: National University, where he is former Chairman of the Board of Trustees and is currently Chairman of the Investment Committee; The National Leadership Institute, where he serves as Chairman; National Association of Corporate Directors-Florida Chapter, where he is Chairman; advisory board for Private Capital, Inc.; the Board of Governors of Junior Achievement Worldwide, Inc, and where he recently served for almost a year as interim President & CEO, and also on the Board of directors of Junior Achievement, USA, Inc.

Kevin Spataro
Senior Vice-President — Accounting Policy and Research
Allstate Insurance Company

Kevin is currently the Head of Accounting Policy and Research at Allstate Insurance Company. Kevin has overall responsibility for the company’s accounting policy and research activities related to its property & casualty and life insurance subsidiaries as well as related investment activities. Kevin is a member of the Group of North American Insurance Enterprises (“GNAIE”) and Chairman of GNAIE’s Accounting Convergence Committee for past five years. Kevin represents GNAIE at Industry Roundtables as well as topic specific FASB and IASB Roundtables (e.g., Fair Value, Fair Value Option, Conceptual Framework, IAS 37, Financial Instruments, Insurance Contracts, etc.). Kevin is a frequent speaker on technical accounting topics at industry conferences and in a variety of regulatory forums, both domestic and international.

Prior to working at Allstate, Kevin held a similar position at Household International, Inc. Kevin began his career at KPMG Peat Marwick. Kevin received his BA in accounting at Marquette University and his MBA in Finance and Economics at the University of Chicago.



Modified: 11/07/2011