Chairmans Message

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Chairmans Message
POSC Member Meeting April 10, 2002
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Outline

• Board Membership
• Role of the Board
• Recent Board Focus
• Board Calendar

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2002 Board of Directors

• David Archer - POSC
• Bill Ragosa (Chairman) - ExxonMobil
• Stewart Robinson (Vice Chairman) - UK DTI
• Peter Breunig - Chevron
• Bertrand du Castel - Schlumberger
• John Gibson - Halliburton Energy Services
• Jim Honefenger - Veritas
• Gary Lore - Minerals Management Service
• Stefan Nowina - BP
• Iain Percival - Shell
• Liu Zhenwu - CNPC

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Role of the Board

• Exercise Fiduciary Responsibility
• Ensure Highest Standards of Integrity
• Accounting Standards Systems are Accurate and
  Timely
• Focus on Major Strategic Initiatives
• Oversee Governance Management
• Approving Presidents Annual Leadership Agenda
  and Goals
• Determine Senior Management Compensation
• Approving the Selection of the Auditing Firm

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Role of the Board

• Ensure that Corporate Goals are Set and Achieved
• Review Performance against Agreed-upon Plans
• Financial Review (Capital/Expense Budgets,
  Membership Dues)
• Build the Organization
• Ensure Corporate Resources are Available to Meet
  Plans and Goals
• Cooperate with Management to Increase Membership

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Recent Board Focus

• Financial Status
• Marketing Plans
• Work Plans

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2002 Board Calendar

• Monthly Teleconferences
• January 10th (US)
• May 8 (US)
• Sept. 16 (Europe)
• Nov. 22 (US)

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End