1.

Call to order Executive Session

C. Karnei

7:30am

 2.

a.  Approval of executive session minutes (Vote) (10/21/08)

C. Karnei

7:30am

b.  Internal Audit status report

B. Wullenjohn

7:33am

c.  Update on proposed 2009 Internal Audit plan

B. Wullenjohn

7:40am

d.  Internal Audit 2008 goals update

B. Wullanjohn

7:55am

e.  EthicsPoint update

B. Wullenjohn

8:00am

Recess Executive Session

8:10am

Convene General Session

 3.

Approval of general session meeting minutes (Vote) (10/21/08)

C. Karnei

8:10am

 4.

Update on SAS 70 audit

S. Barry

8:15am

 5.

Collateral Management

C. Yager

8:20am

 6.

Review and approval of standards

8:40am

-  Financial (Vote)

C. Yager

-  Investment

C. Yager

 7.

Financial update

8:50am

-  2008 year end projections

M. Petterson

-  Timeline for approval of revised 2009 base operating budget

M. Petterson

-  Timeline for Nodal program budget

R. Hinsley

-  Nodal interim rate relief request (Vote)

C. Yager

 8.

Approval of audit committee meeting planner for the upcoming year, confirm mutual expectations with management and the auditors

All

9:10am

 9.

Perform Finance & Audit Committee self assessment

C. Karnei

9:15am

 10.

Market participant guarantee agreements

T. Coffing

9:20am

 11.

Review CWG charter and membership requirements (Vote)

T. Coffing

9:30am

 12.

Update on status of Market Credit Risk Standard

T. Coffing / C. Yager

9:40am

 13.

Committee Briefs (Q&A only)

All

9:45am

 14.

Future agenda items

S. Byone

9:50am

Adjourn ISO meeting

C. Karnei

9:55am