News Release 12/31/13

Financial Accounting Foundation Names Investor Ann M. Spruill to Its Board of Trustees

Norwalk, CT, December 31, 2013—The Financial Accounting Foundation (FAF) today appointed investor and asset manager Ann M. Spruill to the FAF Board of Trustees, effective January 1, 2014.

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

“The Board of Trustees is pleased to welcome Ann as its newest member,” said FAF Chairman Jeffrey J. Diermeier. “Her extensive background in investing, asset management, and finance will add significant value to the Trustees as we work to support the FASB and the GASB in establishing and improving financial reporting and accounting standards.”

During her distinguished career, Ms. Spruill served as an investment and asset manager for several leading firms. Currently, she serves as a Trustee of Harbor Funds in Chicago and a Trustee of the University of Rhode Island. She also is a member of the investment committee of the Museum of Fine Arts in Boston and chairs its global equities committee.

Before her retirement in 2008, Ms. Spruill was a partner at GMO & Co. LLC, a private, institutional asset management firm based in Boston. She was a partner and served as head of the International Active Division, as well as a member of the executive committee and the partnership committee. As a member of the board of directors, Ms. Spruill also served on the risk and audit committee and the compensation committee.

At GMO, Ms. Spruill managed active mandates and directed active investment strategies, including country allocation, stock selection, and execution. She also was responsible for the oversight of the firm’s fundamental research, investment, trading, and compliance activities.

Prior to joining the firm, Ms. Spruill served as a portfolio manager and senior vice president of Fleet Financial Advisors, the asset management division of Fleet Financial Group in Providence, Rhode Island.

Ms. Spruill is a graduate of the University of Rhode Island, and completed the course work for a Ph.D. in economics at Boston University.

Ms. Spruill’s term on the Board of Trustees extends to December 31, 2018. She replaces Dennis M. Kass, whose term ends on December 31, 2013. Mr. Kass, formerly chairman and chief executive officer of Jennison Associates, was appointed to the Board in 2009 and most recently served as its vice chairman.

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.