1.

Call to order Executive Session

M. Espinosa

7:30am

2.

a.  Approval of executive session minutes (Vote) (01/20/09)

M. Espinosa

7:30am

b.  Internal Audit status report

B. Wullenjohn

7:32am

c.  Update on Internal Audit goals

B. Wullenjohn

7:35am

d.  Update on Internal Audit staffing

B. Wullenjohn

7:45am

e.  EthicsPoint update

B. Wullenjohn

7:50am

f.  Contracts, personnel, litigation and security

Various

7:55am

Recess Executive Session

8:05am

Convene General Session

3.

Approval of general session meeting minutes (Vote) (01/20/09)

M. Espinosa

8:05am

4.

Review of significant accounting policies

M. Petterson

8:07am

-  Treatment of investment losses (Vote)

-  Sales tax gain contingency

5.

Review of Nodal Surcharge options and Debt Financing (Vote)

C. Yager

8:20am

6.

Review and approval of updated Investment Standard (Vote)

C. Yager

8:40am

- Update on discussion of ownership of gains and losses from  investment of market funds

C. Yager

- Review draft Protocol language regarding investment gains/losses

C. Seely

7.

Credit update

C. Yager

8:55am

-  Review ERCOT Market Credit Risk Standard draft

-  Review credit statistics

-  Review unsecured credit process

-  Update on financial statement requirement enforcement

-  Update on uplifts in process

8.

Review and approval of the standard form guarantee agreements (Vote)

C. Seely

9:15am

9.

Committee Briefs (Q&A only)

All

9:45am

10.

Future agenda items

S. Byone

9:50am

Adjourn ISO meeting

M. Espinosa

9:55am