Governance Committees

For more information on Governance committees, please contact Gina Barro at (213) 236-4815 or

Audit

Assists in the supervision of the LAEDC’s internal operations, financial reporting, internal audit system and implementation, and information disclosure, to ensure transparency and accuracy, to enhance the company’s efficiency and to build confidence of the members in the quality of the financial reporting and systems.  The Committee is responsible for the selection of the independent external auditors and receipt of the audit results. Meeting frequency is three times per year.

Chair: Shaun Matthews, Pricewaterhouse Coopers

Finance

Ensures the long-term financial stability of the organization. The Committee is responsible for oversight of investments and management of property. This Committee works closely with the Chief Financial Officer of the LAEDC in making recommendations to the Board about asset management, investment, debt management, indemnification, and other aspects of risk management. Members of this Committee usually have experience in finance and can lend perspective to the organization in investment counseling, adherence to investment policy, and cost effectiveness of investment funds and programs.  Meeting frequency is quarterly with ad hoc meetings occasionally convened.

Chair: Christopher Carey, City National Bank

Governance and Compensation

Oversees executive compensation as delegated by the Board of Directors which includes setting compensation for the Chief Executive Officer, recommending base salary, bonus and other remuneration for officers, and providing input to the CEO regarding equity compensation for senior management, all to ensure the attraction, retention and appropriate performance-based reward to executive officers and senior management. The Committee has the responsibility to periodically review the compensation strategy of the LAEDC in order to align organizational strategies, goals, and performance with appropriate compensation rewards for the Chief Executive Officer and executive management. The committee may recommend to the Board of Directors, as appropriate, new incentive plans, and amendments to existing plans. Meeting frequency is a minimum two times per year.

Chair: Bob Hertzberg, Mayer Brown LLP

Legal

Focuses on the legal governance of the organization in areas such as state and federal law compliance, fiduciary duty of Board and officers, and review of existing contracts. The Committee is comprised of members with subject matter expertise in employment, tax and real estate law, local government, and partnerships and joint ventures. Meeting frequency is four times per year.

Chair: Eric Rowen, Greenberg Traurig, LLP

Nominating

Prepares a slate of candidates for membership and Board offices. The Committee has the responsibility of nominating; final appointment to the Board requires a full-Board vote. The Committee is responsible for the stewardship of members, assessing the mix of characteristics and constituency representations on the current Board and identifying future recruitment needs. Meeting frequency is a minimum four times per year.    

Chair: Bob Hertzberg, Mayer Brown LLP