FOR IMMEDIATE RELEASE 2003-28
Washington, D.C., March 4, 2003 - The Securities and Exchange Commission today announced that it has adopted a process for conducting an intensive search to promptly select a Chairperson of the five-member Public Company Accounting Oversight Board (PCAOB).
The plan calls for the Chairman, the Commissioners, and the staff to reach out and solicit input from a variety of sources, including key members of Congress, investor advocates, academics, and members of the business community.
"As I said in my testimony before the Senate Banking Committee, the selection of a Chairperson for the Public Company Accounting Oversight Board is my number one priority. I am pleased that my fellow Commissioners and I have been able to build upon the recommendations of the General Accounting Office and quickly devise a thorough and expeditious process to identify and vet potential candidates," said William Donaldson, Chairman of the Securities and Exchange Commission.
Chairman Donaldson went on to say, "I commend Commissioners Glassman, Goldschmid, Atkins and Campos as well as the staff of the SEC for their dedication to establishing a fair and inclusive process, and I look forward to working with them to select an outstanding individual to lead the PCAOB."
The Commission begins this search today by encouraging anyone to nominate interested, qualified individuals by submitting a current resume, a brief (one-page or less) summary of qualifications and names of at least three references by March 14, 2003. Those who were considered during the last search, who remain interested, are also encouraged to communicate their continuing interest.
The SEC staff will incorporate new suggestions, update the list of qualified candidates and circulate it to the members of the Commission. The Chairman and the Commissioners will narrow that list based on the criteria in the Sarbanes-Oxley legislation, additional criteria that the Commission finds desirable, but not mandatory (attached), and the individual's willingness to serve.
Each candidate on the narrowed list will undergo a preliminary vetting process. Upon completion, each member of the Commission will interview the leading candidates and a thorough background review will be completed. Following this review and consultation with the Chairman of the Federal Reserve and Secretary of the Treasury, as required, the Commission will vote to approve the appointment of a Chairperson.
Interested individuals should please send the relevant information by fax to 202-942-9555; by e-mail to email@example.com; or by overnight mail, to the attention of Susan Ferris Wyderko, Director, Office of Investor Education and Assistance, 450 5th Street NW, Washington, DC 20549-0213.