1.

a. Call to order Executive Session

C. Karnei

12:30pm

b.  Announcement of proxies

C. Karnei

12:31pm

c.  Approval of executive session minutes (11/15/10) (Vote)

C. Karnei

12:32pm

2.

Contracts, personnel, litigation and security

Various

12:33pm

3.

a.  Approval of 2011 Internal Audit plan (Vote)

B. Wullenjohn

12:40pm

b.  Internal Audit status report

B. Wullenjohn

12:45pm

c.  Internal Audit staffing and budget update

B. Wullenjohn

12:50pm

d.  F&A Committee survey on adequacy and effectiveness of  Internal Audit

T. Doggett /       B. Wullenjohn

12:55pm

e.  Assessment of the adequacy and effectiveness of Internal Audit staff

B. Wullenjohn

1:05pm

f.  EthicsPoint update

B. Wullenjohn

1:15pm

g.  Discussion with executive management

T. Doggett /      M. Petterson

1:25pm

h.  Review performance of the Chief Audit Executive

C. Karnei

1:35pm

Recess Executive Session

Convene General Session

4.

Approval of general session minutes (11/15/10) (Vote)

C. Karnei

1:45pm

5.

Acceptance of the 2010 SAS 70 audit report (Vote)

C. Moseley

1:46pm

6.

Approval of engagement of SAS 70 Solutions to perform ERCOT’s 2011 and 2012 SAS 70 audit (Vote)

C. Moseley

1:48pm

7.

ERCOT credit status

C. Yager

1:55pm

8.

Credit Working Group status

T. Nikazm

2:10pm

9.

Quarterly Committee education on accounting developments

R. Beckham

2:20pm

10.

Results of Finance and Audit Committee self assessment

C. Karnei

2:30pm

11.

Committee Briefs (Q&A only)

M. Petterson

2:45pm

12.

Future agenda items

M. Petterson

2:50pm

13.

Other business

M. Petterson

2:55pm

Adjourn meeting

C. Karnei

3:00pm