Public Company Accounting Oversight Board Incumbent Kayla J. Gillan Reappointed to Second Term

FOR IMMEDIATE RELEASE
2006-98

Washington, D.C., June 19, 2006 - Chairman Christopher Cox announced today that founding Public Company Accounting Oversight Board member Kayla Gillan has been re-appointed to the Board.

"I'm very pleased that the board will retain Ms. Gillan's invaluable experience and expertise," Chairman Cox said. "Her dual perspective, first representing a major institutional investor that relies upon audit reports, and most recently as a regulator of the preparation of those reports, will continue to be particularly helpful in our efforts to get investors reliable, informative, and user-friendly information about public companies. Her experience with Sarbanes-Oxley implementation, and her leadership in reducing the costs of section 404 compliance while increasing its usefulness to investors, are exceptional assets to the PCAOB, to the regulated community, and to America's investors."

Ms. Gillan was first appointed to the PCAOB in 2002. From 1996 to 2002, she was General Counsel to the California Public Employees' Retirement System (CalPERS). In that capacity, she served as the chief in-house legal advisor to CalPERS, responsible for a variety of matters including the fiduciary responsibilities attached to managing multiple trust funds; global asset allocation and investment transactions for the largest publicly funded retirement system in the United States; and the provision of health care and administration of retirement benefits. In addition, as General Counsel, she oversaw CalPERS' internal audit function. Between 1986 and 1996, she served in various other positions at CalPERS, including Deputy General Counsel and principal in-house investment counsel. She was a key architect of CalPERS' corporate governance program.

Ms. Gillan is a graduate of California State University at Sacramento, and received her law degree from the University of California at Davis.

"It has been an honor to serve on the Public Company Accounting Oversight Board, and I am grateful that the Securities and Exchange Commission has given me the opportunity to continue to serve investor interests," Ms. Gillan said. "While I am proud of all that we have accomplished since Sarbanes-Oxley created the PCAOB, there is still much work to be done. It will be a privilege to continue to serve with my wonderfully talented and dedicated colleagues on the Board and on staff."

Under the Sarbanes-Oxley Act of 2002, the mission of the Board is "to oversee the audit of public companies that are subject to the securities laws," and "to protect the interests of investors and further the public interest in the preparation of informative, accurate, and independent audit reports" for public companies.

http://www.sec.gov/news/press/2006/2006-98.htm