News Release 01/15/15

Financial Accounting Foundation Names Myra R. Drucker and John Veihmeyer to Board of Trustees

Norwalk, CT, January 15, 2015—The Financial Accounting Foundation (FAF) today announced that it has appointed Myra R. Drucker and John Veihmeyer to the FAF Board of Trustees, effective today.

The FAF is the independent, private-sector organization responsible for the oversight and support of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

“The Board of Trustees is pleased to welcome Myra and John as its newest members,” said FAF Chairman Jeffrey J. Diermeier. “Their diverse backgrounds and fresh perspectives will add significant value to the Trustees as we work to support the FASB and the GASB in improving financial accounting and reporting standards, while educating stakeholders on how to understand and implement those standards.”

Ms. Drucker currently serves as an independent director and chairs the Risk and Audit Committee of Grantham, Mayo, Van Otterloo & Co. LLC, a privately-held global investment management firm. She also serves as chair of the board of TrustedPeer, Inc., an online business consulting network, and is a frequent speaker and advisor on governance issues.

Mr. Veihmeyer is Global Chairman of KPMG and Chairman and CEO of KPMG in the U.S. He has more than 35 years of experience advising many of the world’s leading companies on financial reporting, audit quality, risk, governance, educational issues, ethical leadership, and diversity and inclusion.

The terms of Ms. Drucker and Mr. Veihmeyer on the Board of Trustees extend to December 31, 2019. They replace Luis M. Viceira and Edward E. Nusbaum, whose terms ended on January 14, 2015.

The Trustees also announced that Ann Marie Petach, FAF Trustee, Secretary, and Treasurer, was reappointed to a second term that ends on December 31, 2017. Ms. Petach serves on the board of BlackRock Institutional Trust Company. The Trustees also accepted the resignation of Teri L. List-Stoll, executive vice president and chief financial officer of Kraft Foods, effective December 31, 2014. The Trustees expect to fill Ms. List-Stoll’s position during 2015.

“We at the FAF are very grateful to Luis, Ed, and Teri for their years of dedicated service and their commitment to providing useful information to investors and users of financial reports,” said FAF President and Chief Executive Officer Teresa S. Polley. “We are thankful for their contributions and wish them the best in their future endeavors.”

In addition to her role at Grantham, Mayo, Van Otterloo & Co., Ms. Drucker is a member of the investment committees of the Kresge Foundation and the Nathan Cummings Foundation, and an advisory member of the Boeing Company Employee Benefits Investment Committee.

During her career, Ms. Drucker served as chair of the New York Stock Exchange Pension Managers Advisory Committee, chair of the board of Commonfund, and vice chair of the board of Sarah Lawrence College. She also served as a managing director of General Motors Asset Management and chief investment officer of General Motors Trust Bank. Previously, she served as chief investment officer of Xerox Corporation and led pension investments for International Paper Company.

Ms. Drucker holds a bachelor’s degree in literature and psychology from Sarah Lawrence College.

Before becoming its Chairman, Mr. Veihmeyer held numerous leadership roles at KPMG, including Deputy U.S. Chairman; managing partner of KPMG’s Washington, D.C. operations; and Global Head of Risk Management and Regulatory.

Mr. Veihmeyer is a member of the board of Catalyst, whose mission is to expand opportunities for women in business. He serves as co-chair of CEOs Against Cancer in greater New York and is a board member of the Committee Encouraging Corporate Philanthropy (CECP). Previously, he served as a member of the Securities and Exchange Commission’s Advisory Committee on Smaller Public Companies.

He holds a bachelor’s degree in accounting from the University of Notre Dame Mendoza College of Business and currently serves on its Business Advisory Council.

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.