Call Open Session to order and announce proxies

C. Karnei

12:00pm

1.

Approve general session minutes (3/21/11)

C. Karnei

2.

Periodic meeting with independent auditor

Ernst & Young

- Discuss audited financial statements

- Review and recommendation of Board acceptance of the audited financial statements  (Vote)

3.

Committee approval of non-audit services by independent auditor (Vote)

R. Beckham

4.

Recommend revision of ERCOT security screening study fee

D. Woodfin

5.

Discussion of Commodity Exchange Act

M. Morais / M. Ruane

6.

Credit update

C. Yager

7.

Review Committee briefs

M. Petterson

8.

Future agenda items

M. Petterson

9.

Other business

M. Petterson

Convene to Executive Session

C. Karnei

10.

Approve executive session minutes (3/21/11)

C. Karnei

11.

Annual audit and significant issues - discussion with auditors

Ernst & Young

12.

a.  Internal Audit status report

B. Wullenjohn

b.  Quarterly update on EthicsPoint historical metrics and trends

B. Wullenjohn

c.  EthicsPoint update

B. Wullenjohn

d.  Quarterly private discussion with Chief Audit Executive

B. Wullenjohn

13.

Contract, personnel, security, compliance and risk management matters

C. Karnei

Reconvene to Open Session

Adjourn meeting

C. Karnei

2:00pm