3rd annual energy industry directors conference
DESCRIPTION
3rd Annual Energy Industry Directors ConferenceTRANSCRIPT
T h e I m p a c t o f D e c i s i o n s
E N E R G YI n d u s t r y B o a r dC o n f e r e n c e
REGISTER TODAYMarch 2 & 3, 2010 • Rice University • Houston, Texas
Jesse H. Jones Graduate School of Business713 348 6060 • jonesgsm.rice.edu/boardconference
The Honorable Jack B. Jacobs Justice, Delaware Supreme Court
Featured Speakers
ENERGY INDUSTRY DIRECTORS Conference3rd Annual
Doug FosheePresident, Chief Executive Officer and Chairman of the Board, El Paso Corporation; Trustee, AIG Credit Facility Trust; Director, Cameron International Corporation; Chairman of the Federal Reserve Bank of Dallas, Houston Branch; Board of Trustees, Rice University; Greater Houston Partnership Board and Executive Committee
Bryan Marsal Co-Chief Executive Officer, Alvarez & Marsal; Chief Executive Officer, Lehman Brothers Holdings; Director, Timex Corporation
Janet ClarkChief Financial Officer, Marathon Oil; Audit Committee Chair, Exterran
Harry Markopolos The Bernie Madoff Whistleblower
Day 1 - Tuesday, March 2, 2010
8:00 – 8:15 WELCOMING REMARKS8:15 – 9:15 PLANNING FOR THE FUTURE: Securing Reliable Energy Sources and Predictions on Key Energy Industry Issues
Energyexpertswilldiscusstrends,challengesandrisksfacingtheenergyindustry.Thisthought-provokingoverviewwillsetthestagefortheconferenceandserveasaninvaluabletoolforboardmembersastheygovernforthefuture.
Dan Pickering,Co-President,HeadofResearch,Tudor,Pickering,Holt&Co.;Director,HoustonProducersForum;AdvisoryBoard,MidwayCompanies
Bill Arnold,ProfessorinthePracticeofEnergyManagement,RiceUniversity;Director,UniversityofTexasInstituteofLatinAmericanStudiesandMexicanCenter,UniversityofCaliforniaLanguageConsortium,TexasA&MCenterforInternationalBusinessStudies,FoundationforAmigosdelasAmericas
9:15 – 10:30 CURRENT VIEWS OF THE BOARD FROM THE BENCH ArespectedjuristonDelaware’shighestcourtandaprofessorofcorporatelawwillcoverthehotlegalissuesfacingboardmembers.Inaninteractivesession,thisleadingjuristwilldrawonyearsofexperiencerulingontheintersectionofboardactionandthelaw.Byapplyingthepanelists’expertiseincorporatelawtohypotheticalscenarios,youwilllearnhowtoavoidmajorproblems.Comeprepared—thisisanopportunitytoaskquestionsofleadersincorporatelawandgovernance.
Justice Jacobs,Justice,SupremeCourtofDelaware
Moderator: Nadelle Grossman,AssistantProfessor,MarquetteUniversityLawSchool
WHY YOU SHOULD ATTEND
Join Rice University and Fulbright & Jaworski L.L.P. for the 3rd
Annual Energy Industry Directors Conference, a director education
program designed for board members of energy and chemical
companies. The conference will feature industry leaders and
corporate governance experts who will focus on the issues facing
board members across all segments of the energy industry.
KEY TOPICS
• Current Views of the Board from the Bench
• The Critical Relationship Between the Board and Management
• The Lehman’s Saga: What Boards Can Learn from Its
Unplanned Demise
• The Emerging Era of Shareholder Activism: What Boards and
Shareholders Can Learn
• The Role of Energy Companies in the Energy and
Environment Debate
EARLY REGISTRATION
• $1,695 before Feb. 1, 2010
• $1,995 after Feb. 1, 2010
Group rate for three or more: $1,500 per person
* Rooms will be available for board meetings before or
immediately after the conference.
ACCOMMODATIONSHotel ZaZawww.hotelzazahouston.com
5701 Main St. • Houston, TX 77005 • 713 526 1991
A limited number of rooms have been reserved at the Hotel
ZaZa (near Rice campus) for the conference. Please book
your room directly by calling Tom DiBlasi at 713 639 4513
or email [email protected].
T W O WAY S T O R E G I S T E ROnline:jonesgsm.rice.edu/boardconference
Phone:7133486060
ENERGY INDUSTRY DIRECTORS Conference3rd Annual
E N E R G YI n d u s t r y B o a r dC o n f e r e n c e
10:30 – 10:45 BREAK
10:45 – 11:30 THE CRITICAL RELATIONSHIP BETWEEN THE BOARD AND MANAGEMENTThispanelwilldiscusstheirrecentexperienceintheCEOselectionprocessandhowtoeffectuateasuccessfulCEOtransition.HearfromanewCEOhowtheboardcaneasethetransitionprocessandhowboardmemberscanhelpmaximizeshareholdervalue.
Lynn Elsenhans,ChairmanandChiefExecutiveOfficer,SunocoInc;Boardmember,SunocoPartnersLLC;Director,InternationalPaper;BoardofTrustees,RiceUniversity
Ursula Fairbairn, PresidentandChiefExecutiveOfficer,FairbairnGroupLLC;Director,Sunoco,Inc.,AirProducts&ChemicalsInc.,VFCorporation
11:30 – 12:15 THE LEHMAN’S SAGA: What Boards Can Learn From Its Unplanned Demise
Drawingfromhisdecadesofexperienceinrestructuringandadvisingtroubledcompanies,thecurrentCEOofLehmanBrothersHoldingswillsharelessonslearnedandinsightsforboardsfacingmajorchallenges.Thisdiscussionwillincludehisviewoftheboard’sroleinfinanciallydistressedsituationsandactionplanningforpotentialinsolvency.
Bryan Marsal, Co-ChiefExecutiveOfficer,Alvarez&Marsal;ChiefExecutiveOfficer,LehmanBrothersHoldings;Director,TimexCorporation
12:15 – 1:00 LUNCH
1:00-2:00 MANAGING DIRECTORS’ LIABILITY Thispanelwilladdressthelatestdevelopmentsindirectorliabilityandstepsboardmemberscantaketoprotecttheirinterests.Topicstobediscussedincludecasesbeingfiledagainstenergycompanydirectors,newlegislationthatwillcreatemoreriskfordirectors,stepsbyregulatorybodiestoincreaseenforcementandotherfactorsthatmakethisadangeroustimetobeadirector.ThepanelwillalsodiscussriskmanagementandcriticalD&Oinsurancepolicyissues.
Carol Graebner, DeputyGeneralCounsel,PNMResources
William Federman,FounderandManagingMember,Federman&Sherwood
Michael Smith,President,ExecutiveLiability,ChartisInsurance
Moderator: Bob Harrell,Partner,Fulbright&JaworskiL.L.P.
Energy Industry Directors
Conference2:00 – 2:45 THE NEW ERA OF GOVERNANCEAsManagingDirectoroftheNationalAssociationofCorporateDirectors,PeterGleasonwilladdresstheever-changingcorporategovernancelandscapeinthewakeofthefinancialcrisis.Learnhowlegislation,regulationandshareholderpressurearechangingboardcompositionandfocus,particularlyintheareasofstrategyandriskoversight.
Peter Gleason,ManagingDirectorandChiefFinancialOfficer,NationalAssociationofCorporateDirectorsBoard;Director,ThePatriotFund;AdvisoryBoardsofNuraHealthcareLLCandTheOpenCompliance&EthicsGroup
2:45 – 3:00 BREAK
3:00- 4:00 THE CHANGED REGULATORY AND ENFORCEMENT ENVIRONMENTThispanelwillprovideanoverviewofthesignificantregulatoryenforcementrisksfacingenergycompanies.Thepanelwillfocusontheevolvingexposuretoallegationsofenergymarketmanipulation,ForeignCorruptPracticesActviolationsandenvironmentalenforcement.Withenergycompaniesfacingpotentialpenaltiesofhundredsofmillionsofdollars,boardmemberscannotaffordtobebehindthecurveinunderstandingthechangesinthelaw.
Billy Jacobson, VP,Co-GeneralCounsel,ChiefComplianceOffice,Weatherford
Peggy Heeg,Partner,Fulbright&JaworskiL.L.P.
Eva Fromm O’Brien,Partner,Fulbright&JaworskiL.L.P.
Moderator: Gerry Pecht,Partner,Fulbright&JaworskiL.L.P.
4:00 – 5:00 THE EMERGING ERA OF SHAREHOLDER ACTIVISM: What Boards and Shareholders Can Learn Thepopulistbacklasharisingoutoftheeconomicdownturnhasgivennewlifetoshareholderactivistspushingforso-called“goodgovernance.”TheFingers,actingontheirconvictionthattheboardandmanagementofBankofAmericafailedtoprotectshareholderinterestsintheMerrillLynchacquisition,workedtochangethegovernanceofthebank.Inresponsetothepressureexerted,amajorityofBankofAmericashareholdersvotedtostriptheofficeandtitleofChairmanfromCEOKennethLewis.Hearfromthispanelhowboardsshouldevaluatesayonpay,majorityvoting,thecalltosplittheroleofChairman/CEOandothershareholderinitiatives.
Jerry Finger,ManagingPartner,FingerInterestsLtd.;PresidentandDirector,AmbassadorLifeInsuranceCompany
Jon Finger, VicePresident,FingerInterests,Ltd.
Moderator: Shahid Malik,FacultyDirector,EnergyExecutiveEducation,RiceUniversity;FormerChiefExecutiveOfficer,StrategicEnergy;EVP,GreatPlainsEnergy;EVP,PRTMManagementConsulting
5:30-6:30 p.m. COCKTAILS AND DINNER HotelZaZa
Day 2 - Wednesday, March 3, 2010
8:30 – 9:00 THE FUTURE OF THE ENERGY INDUSTRY
Doug Foshee,President,ChiefExecutiveOfficerandChairmanoftheBoard,ElPasoCorporation;Trustee,AIGCreditFacilityTrust;Director,CameronInternationalCorporation;ChairmanoftheFederalReserveBank
ofDallas,HoustonBranch;BoardofTrustees,RiceUniversity;GreaterHoustonPartnershipBoardandExecutiveCommittee
9:00 – 9:30 THE ROLE OF ENERGY COMPANIES IN THE ENERGY AND ENVIRONMENT DEBATE Theenergyindustryhasbeenineffectiveinframingthepublicdebateontheroleofenergyandtheenvironment.Thisindustryleaderwilladdresshowtomovethediscussionfrompoliticalrhetorictoscience.
Jim Hackett, Chairman,PresidentandChiefExecutiveOfficer,AnadarkoPetroleumCorporation;Director,FluorCorporation,HalliburtonCompany;ChairmanoftheBoard,FederalReserveBankofDallas;ViceChairmanoftheBoard,BaylorCollegeofMedicine;BoardsoftheBusinessRoundtableandtheTrilateralCommission
9:30- 10:00 A LOOK BACK AND FORWARD ON THE ENERGY INDUSTRYTwolargepublicenergycompanyCEOswilldiscusstheirinsightsregardingwheretheenergyindustrystandstodayandwhereitisheading.
Jim Hackett,Chairman,PresidentandChiefExecutiveOfficer,AnadarkoPetroleumCorporation
Doug Foshee,President,ChiefExecutiveOfficerandChairmanoftheBoard,ElPasoCorporation
10:00 – 10:15 BREAK
10:15 – 11:15 WHAT EVERY BOARD MEMBER SHOULD KNOW ABOUT THE ROLE OF THE AUDIT COMMITTEEAlwaysachallengingcommittee,theAuditCommitteesofenergycompaniesmustdealwithcomplexprincipalssuchasclimatechangedisclosure,thepotentialforcapandtrade,marktomarketaccounting,reserveestimatesandroyaltyreporting.ABigFourexecutiveandleadingAuditCommitteememberswilldiscusshottopicsinenergy
accounting,emergingtrendsandredflagsinfinancialstatements.Thisdiscussionisamustforallboardmembers.
Jeff Curtis,AuditCommitteeChair,KBR
Ed Segner,ProfessorinthePracticeofCivilEngineeringManagement,RiceUniversity;Director,SeahawkDrilling,ExterranPartnersLPandBillBarrettCorporation
Janet Clark,ChiefFinancialOfficer,MarathonOil;AuditCommitteeChair,Exterran
Moderator: Dennis Whalen,Audit,Finance&OperationsCommittee,KPMGLLP
11:15- 12:15 KEYNOTE – BLOWING THE WHISTLE ON BERNIE MADOFF: Lessons for Board Members
Markopoloscandidlyexplainshislongfightto“giftwrapanddeliverthebiggestPonzischemetotheSECever.”
Markopolosrevealswhatboardmemberscanlearnfromthiscaptivatingcloakanddaggerstoryofoneofthelargestfinancialfraudsinhistory.
Harry Markopolos,TheBernieMadoffWhistleblower
12:15-1:00 CLOSING/LUNCH
E N E R G YI n d u s t r y B o a r dC o n f e r e n c e
Jesse H. Jones Graduate School of Business UpholdingtheprestigiousacademictraditionsofRiceUniversity,JesseH.JonesGraduateSchoolofBusinessisoneofsevenacademicunitsofRiceUniversity,oneoftheworld’sbestteachingandresearchuniversities.TheJonesSchoolofferstheFullTimeMBA,MBAforExecutives,andMBAforProfessionalsdegrees;afullscheduleofnon-degree,openenrollmentExecutiveEducationandcustomizedcoursesforbusinessandindustry;Ph.D.programs;andaBusinessMinor,opentoanyRiceundergraduatewhomeetsenrollmentrequirements.Anactivenetworkof3,800JonesSchoolalumnihavemadeaglobalimpactinallareasofbusiness,includingentrepreneurship,finance,andenergy.Rice’sMBAprogramshavebeenrecognizedintheU.S.A.andinternationallyforleadershipandinnovationbyU.S. News and World Report,theFinancial Times,theEconomist,andEntrepreneur magazine.Mostrecentnotables:•SalarieswereamongthehighestintheU.S.A.forbothgraduatesandalumni;•Financecontinuestorankinthetop10asarecognizedspecialty;•Intellectualcapital,basedonfacultyresearch,placedinthetop20–worldwide.ThesceniccampusislocatedinHouston,thenation’sfourth-largestcity,secondonlytoNewYorkinFortune500headquarters.
Fulbright & Jaworski L.L.P. Fulbright&Jaworskiisoneofthelargestinternationallawfirmswithnearly1,000lawyersandmultipleintegratedpracticeareas.Fulbrighthas220energy-focusedlawyersstrategicallylocatedin16marketsaroundtheworld,includingkeyintersectionsoftheworldoilandgastransactions,suchasHouston,NewYork,London,Dubai,Riyadh,HongKong,BeijingandDenver.Fulbrightprovidesafullrangeoflegalservicestoclientsworldwide.In2008,Directors and Boards rankedFulbrightamongtheTop10lawfirmsintheUnitedStatesintwoimportantcategoriesinvolvingcorporategovernance,“BestinDealingwithGeneralCorporateGovernanceIssues”and“BestinDealingwithDirectorLiabilityIssues.”Corporate Board Member magazinenamedFulbrightfortheseventhtimeamongthetop20corporatelawfirmsintheU.S.intheirsurveyofboardmembersofpubliccompanies.
SUBSTITUTION/CANCELLATION POLICYPayment must be received prior to the event in order to guarantee your place. If you are unable to attend the conference
for any reason, you may make substitutions at no extra charge, but we would appreciate prior notice. If you cancel at least 21 days prior to the conference, an administrative fee of 20% will be due. If your full payment has been made, the balance (minus the administrative fee) will be refunded. If your cancellation notice has NOT been received at least 21 days prior, you are responsible for the full payment. We reserve the right to accept or reject delegates at our discretion.
T W O WAY S T O R E G I S T E ROnline:jonesgsm.rice.edu/boardconference
Phone:7133486060
Jesse H. Jones Graduate School of Management
The Jesse H. Jones Graduate School of Management is one of seven academic units of Rice University, one of the world’s best teaching and research universities. The Financial Times 2007 survey ranked the Rice MBa program the best in Texas and among the top ten business schools in the world for finance.
Rice offers the MBa, MBa for Executives, and MBa for Professionals degrees as well as joint MBa degrees in mechanical engineering and medicine. The Jones School also provides a full schedule of non-credit executive education and customized courses for busi-ness and industry. The wooded campus is located in Houston, the nation’s fourth-largest city, second only to New York in Fortune 500 headquarters.
Fulbright & Jaworski L.L.P.
Founded in 1919, Fulbright & Jaworski L.L.P. is a leading full-service international law firm, with nearly 1,000 lawyers in 16 locations in Houston, New York, Washington, D.C., austin, Dallas, Denver, Los angeles, Minneapolis, San antonio, St. Louis, Dubai, Beijing, Hong Kong, London, Munich and Riyadh. Fulbright provides a full range of legal services to clients worldwide.
The 2006 BTI survey of Fortune 1000 general counsel chose Ful-bright as a “Power Elite Law Firm,” Corporate Board Member magazine named Fulbright among the top 20 corporate law firms in the U.S. in their survey of board members of public companies, and International Law Office, based on survey responses received from international corporate counsel, awarded Fulbright the “2005 Client Choice award” as the top law firm for client service in the United States.
TO GEORGE BUSH
INTERCONTINENTAL
TO HOBBY AIRPORT
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Jesse H. Jones Graduate School of Management
The Jesse H. Jones Graduate School of Management is one of seven academic units of Rice University, one of the world’s best teaching and research universities. The Financial Times 2007 survey ranked the Rice MBa program the best in Texas and among the top ten business schools in the world for finance.
Rice offers the MBa, MBa for Executives, and MBa for Professionals degrees as well as joint MBa degrees in mechanical engineering and medicine. The Jones School also provides a full schedule of non-credit executive education and customized courses for busi-ness and industry. The wooded campus is located in Houston, the nation’s fourth-largest city, second only to New York in Fortune 500 headquarters.
Fulbright & Jaworski L.L.P.
Founded in 1919, Fulbright & Jaworski L.L.P. is a leading full-service international law firm, with nearly 1,000 lawyers in 16 locations in Houston, New York, Washington, D.C., austin, Dallas, Denver, Los angeles, Minneapolis, San antonio, St. Louis, Dubai, Beijing, Hong Kong, London, Munich and Riyadh. Fulbright provides a full range of legal services to clients worldwide.
The 2006 BTI survey of Fortune 1000 general counsel chose Ful-bright as a “Power Elite Law Firm,” Corporate Board Member magazine named Fulbright among the top 20 corporate law firms in the U.S. in their survey of board members of public companies, and International Law Office, based on survey responses received from international corporate counsel, awarded Fulbright the “2005 Client Choice award” as the top law firm for client service in the United States.
TO GEORGE BUSH
INTERCONTINENTAL
TO HOBBY AIRPORT
59
610
610
59
45
45
288
610610
1010
RICE BLVD
GREE
NBRI
AR
STADIUMPARKING
LOT
SUNSET BLVD
MAIN ST
RICE BLVD
GREE
NBRI
AR
UNIVERSITY BLVD
ENTRANCE
ENTRANCE
ENTRANCE
From U.S. 59, take the Shepherd/Greenbriar exit.
Travel south on Greenbriar, and turn left on Rice Blvd.
From Rice Blvd., take University Entrance 20, and turn right at the second stop sign.
The Jones School will be on your left. You will see the entrance to the Central Campus Garage on your left.
Parking is available in the Central Campus Garage located under the Jones Graduate School.
D I R E C T I O N S T O T H E E V E N T
Jesse H. Jones Graduate School of Business
T h e I m p a c t o f D e c i s i o n s
E N E R G YI n d u s t r y B o a r dC o n f e r e n c e
REGISTER TODAYMarch 2 & 3, 2010 • Rice University • Houston, Texas
Jesse H. Jones Graduate School of Business713 348 6060 • jonesgsm.rice.edu/boardconference
Jesse H. Jones Graduate School of BusinessSuite 127, MS 531Post Office Box 2932Houston, Texas 77252-2932
R E G I S T E R T O D AYMarch 2 & 3, 2010
Non-Profit Org.U.S. Postage
PAIDHouston, TX
Permit No. 10072
ENERGY INDUSTRY DIRECTORS Conference3rd Annual