1.

Call to order Executive Session

C. Karnei

12:00pm

2.

a.  Announcement of proxies

C. Karnei

12:01pm

b.  Approval of executive session minutes (Vote) (10/18/10)

C. Karnei

12:02pm

c.  Internal Audit status report

B. Wullenjohn

12:03pm

d.  Internal Audit 2010 goals update

B. Wullenjohn

12:05pm

e.  Update on proposed 2011 Internal Audit plan

B. Wullenjohn

12:10pm

f.  EthicsPoint update

B. Wullenjohn

12:20pm

g.  Executive management survey on adequacy & effectiveness of Internal Audit

T. Doggett /       B. Wullenjohn

12:30pm

3.

Contracts, personnel, litigation and security

Various

12:40pm

4.

Periodic discussion with independent auditors

Ernst & Young

12:50pm

Recess Executive Session

Convene General Session

5.

Approval of general session minutes (Vote) (10/18/10)

C. Karnei

12:55pm

6.

Update on SAS 70 audit

C. Moseley /    SAS 70 Solutions

12:56pm

7.

Recommend selection of independent auditors for the upcoming year (Vote)

M. Petterson

1:15pm

8.

Approval of independent auditor fees for upcoming year (Vote)

M. Petterson

1:20pm

9.

-  Review of external auditor quality control procedures and independence

Ernst & Young

1:25pm

-  Review scope of annual financial audit

10.

Recommend 2011 base operating budget  and project priority list (Vote)

M. Petterson

1:45pm

11.

-  ERCOT credit status (Vote)

C. Yager

2:05pm

-  Credit Working Group status

T. Nikazm

12.

Review and recommend Investment and Financial Corporate Standards (Vote)

C. Yager

2:25pm

13.

Quarterly investment summary

C. Yager

2:45pm

14.

Committee Briefs (Q&A only)

All

2:50pm

15.

Future agenda items

M. Petterson

2:55pm

16.

Other business

M. Petterson

2:57pm

Adjourn meeting

C. Karnei

3:00pm