NEWS RELEASE

5/28/03

Linly Harris, Communications Office, Stanford Law School, (650) 723-2232 or laharris@stanford.edu

Relevant Web URLs:
http://directorscollege.stanford.edu
http://www.law.stanford.edu/programs/execed/
http://www.law.stanford.edu

SEC Chairman William H. Donaldson to deliver opening remarks at Stanford Law School's 9th annual Directors' College

On Sunday, June 1, U.S. Securities and Exchange Commission Chairman William H. Donaldson will deliver the opening remarks for Stanford Law School's ninth annual Directors' College. Donaldson will discuss corporate governance, the role of the corporate board and compliance in a post- Sarbanes-Oxley world. His remarks are scheduled to begin at 7:30 p.m., during the opening dinner of Directors' College 2003 in McCaw Hall in the Frances C. Arrillaga Alumni Center at 326 Galvez St. on campus. Donaldson's address is open to members of the press.

Stanford Law School Directors' College

Directors' College is an intensive two-day program for directors and senior executives of publicly traded corporations. It offers a blend of the latest information on critical issues facing every board today -- Sarbanes-Oxley compliance, compensation, audit committee practices, litigation, D & O insurance coverage and ethical concerns -- with seasoned perspectives on best boardroom practices. The program is designed to generate practical pointers that can be applied to a range of boardroom concerns. In its ninth year, Directors' College brings together leading CEOs, directors, jurists, scholars and regulators for a rigorous examination of how directors can respond to corporate governance challenges in difficult times.

Directors' College is co-sponsored by the NASDAQ Stock Market and the New York Stock Exchange, with participation by the United States Securities and Exchange Commission. The program is also supported by Deloitte & Touche, Ernst & Young LLP, KPMG and PricewaterhouseCoopers, and is accredited by Institutional Shareholder Services.

Additional Directors' College Events open to the press:

"Chatting with the Chief Justice"

Delaware State Chief Justice E. Norman Veasey

Monday, June 2, at 8:20 a.m.

Directors' College Pavilion, Canfield Courtyard, Stanford Law School at 559 Nathan Abbott Way.

The Supreme Court of Delaware is one of the most influential judicial bodies in the nation when it comes to setting corporate law standards. Veasey will chat informally about emerging trends in corporate law and their implications for corporations and directors. The event is sponsored by the New York Stock Exchange.

"The Role of Institutional Investors and State Pension Funds in Corporate Governance" featuring California State Treasurer Phil Angelides

Monday, June 2, at 1 p.m.

Directors' College Pavilion, Canfield Courtyard.

Given CALPERS' historic role as a leading voice among institutional investors in the debate over corporate governance, and in light of Eliot Spitzer's recent use of state prosecutorial resources to force significant change on Wall Street, there is increased attention on the role that major states such as California might play in the governance process. Angelides will share his views of California's role.

Former SEC Chairman Harvey Pitt

Monday, June 2, 8 p.m.

McCaw Hall, Frances C. Arrillaga Alumni Center at 326 Galvez St.

Pitt will discuss the recent crisis in corporate governance and steps that directors can take in response to the dramatically changed litigation and regulatory environment.

"A Conversation with the Hon. Stanley Sporkin"

Tuesday, June 3, 8:20 a.m.

Directors' College Pavilion, Canfield Courtyard.

Where were the lawyers? Where were the accountants? Where were the directors? Join Directors' College participants and the former SEC enforcement chief, former CIA general counsel and former federal judge for an open-ended inquiry into what's right and what's wrong with current approaches to corporate governance.

-30-