1.

Call to order Executive Session

C. Karnei

7:30am

 2.

a.  Approval of executive session minutes (Vote) (12/09/08)

C. Karnei

7:30am

b.  Internal Audit status report

B. Wullenjohn

7:32am

c.  EthicsPoint update

B. Wullenjohn

7:35am

d.  Quarterly private discussion with Chief Audit Executive

B. Wullenjohn

7:40am

e.  Contracts, personnel, litigation and security

B. Kahn / M. Grable

7:45am

Recess Executive Session

7:50am

Convene General Session

 3.

Approval of general session meeting minutes (Vote) (12/09/08)

C. Karnei

7:50am

 4.

Election of committee Chair and Vice-Chair (Vote)

S. Byone / E. Doolin

7:51am

 5.

Approval of CWG Chair and Vice-Chair (if nominated by CWG) (Vote)

C. Yager

7:55am

 6.

Review of Finance and Audit Committee structure

D. Ballard

8:00am

 7.

Review of 2009 revised base operating budget and 5-year financial plan (Vote)

M. Petterson

8:10am

 8.

Review of collateral management practices and alternatives

C. Yager

8:30am

 9.

Review of potential changes to Investment practices

C. Yager

8:45am

 10.

Quarterly review of investment results

C. Yager

9:00am

 11.

Credit update

C. Yager

9:05am

-  Credit Risk Standard

-  Comments related to NPRR 140

 12.

Review and recommendation on updated standard form guarantee agreements

C. Seely

9:20am

 13.

Committee Briefs (Q&A only)

All

9:45am

 14.

Future agenda items

S. Byone

9:47am

Adjourn ISO meeting

C. Karnei

9:50am