Business Leadership in Public Policy

Committee for Economic Development

Making Washington Work Health-CareHealth Care ReformReform Annual Corporate Statesmanship Early Childhood Education Globalization and Trade 2006 Campaign Finance Reform Judicial Selection Report Tax Reform and the Federal Budget

The Best of Business Thinking In the Nation’s Interest Business Leadership in Public Policy CED Advances Corporate Statesmanship in 2006

In 2006, the Committee for Economic Development Pincus LLC, Rod Hills, Partner, Hills, Stern & Morley, and enjoyed one of its busiest, most productive, and most Ed Kangas, Global Chairman and CEO (retired), Deloitte successful years, and we want to begin this annual mes- Touche Tohmatsu, and directed by American University sage by thanking all of our Trustees and supporters for political science professor James Thurber, will address their sustained efforts on CED’s behalf. Our finances some of the more troublesome antics of our Nation’s are sound; our policy agenda is robust; and we had a re- Capitol: lobbying and ethics rules violations, leadership markable number of outreach events around the country PACs, redistricting, abuses of the legislative process, and – 32 in 14 cities – the largest number ever. The issues earmarks. More than 80 CED Trustees have joined this included our signature “Making Washington Work” and important subcommittee. At the same time, CED will health-care reform projects, as well as early education, continue its efforts to defend the main reforms enacted judicial-selection reform, campaign finance reform, by the McCain-Feingold campaign finance reform act foreign language instruction, and the role of open-source and to encourage the American business community to software in promoting economic growth and develop- refrain from contributing to so-called “527” committees ment. that undermine McCain-Feingold’s soft-money ban.

CED’s fundamental strength is its Trustee base. Our Reforming America’s health-care system and improving Trustees not only decide the issues we work on and the working atmosphere in Washington are two areas drive the work of our policy subcommittees, but increas- where CED can have a huge impact. The health-care ingly they have played major roles in promoting CED’s system is a long-term “investment” issue that will con- work around the country. Our ability to bring a business tinue to drag down our economy for the next decade or voice to major public issues and to impact policy out- longer unless it is addressed soon. Improving the way comes is what continues to distinguish CED from other Washington turns policy recommendations into law also policy organizations. must be overhauled. If highly partisan stalemate continues in Washington, critical problems – such as health- Health-Care Reform and care reform – will not be addressed in any meaningful “Making Washington Work” way. Judging by the strong positive response to our “Making Washington Work” reports to date, CED is the Our two major projects on health-care reform and “Mak- perfect group to argue for a return to a “sensible center” ing Washington Work” began in 2006 with enormous approach to our national challenges. Trustee engagement. Most of the health-care subcommittee meetings have been held at Stanford University, Additional Infrastructure Issues and they have attracted a growing number of companies Drive CED’s Agenda interested in our work. Among these, Wells Fargo is the most recent company to join the CED Board, and Former Securities and Exchange Commission Chair- we hope you will join us in welcoming Avid Modjtabai man Bill Donaldson is chairing CED’s subcommittee as our new Trustee from Wells Fargo. We are delighted on corporate governance, which is considering ways to that Rob Chess, Chairman, Nektar Therapeutics, and address the impact of “short termism” on the ability of Jerry Grossman, Senior Fellow, Kennedy School Health public companies – and, ultimately, the U.S. economy Care Delivery Project, Harvard University, are co-chairing – to sustain superior long-term performance. This this work, and Alain Enthoven, a nationally recognized project will examine carefully the role of boards of direc- health care policy expert at Stanford’s business school, tors in areas ranging from companies’ strategic planning is the project director. By year’s end, we completed and incentive compensation plans to enhanced financial two phases of this project, which were released early in reporting and the elimination of quarterly earnings guid- 2007. Phase one described the problems with America’s ance. health-care system, and phase two outlined CED’s views about the weaknesses of major reform ideas that are Joe Kasputys, Chairman, President, and CEO of Global on the table thus far. Our final installment will describe Insight, Inc., and Bill McDonough, Vice Chairman of in detail how a new, market-oriented, incentive-based Merrill Lynch Company, are co-chairing CED’s important health-care system would work, and how universal study of global imbalances – a thorough analysis of the health insurance can be attained without a single-payer impact of America’s “triple deficits” in trade, the federal system or massive intervention by the Federal govern- budget, and national/personal savings on the U.S. and ment. global economies. Recommendations will focus on appropriate U.S. macroeconomic policies, foreign exchange Our “Making Washington Work” project, which is rates, and the need to encourage trade liberalization and co-chaired by Bo Cutter, Managing Director, Warburg avoid all forms of protectionism.

CED Annual Report 2006 CED’s education efforts included the February 2006 a series of ten CED forums supported by McKinsey release of a new report, Education for Global Leadership: & Company around the country to examine the is- The Importance of International Studies and Foreign Lan- sue of business leadership in public policy. This series guage Education for U.S. Economic and National Security. of forums, “Public Leadership: The Difference CEOs The report was produced by the CED Subcommittee on Can Make,” will begin in Minneapolis and conclude in International Education and Foreign Language Studies, Washington, D.C. Midway through the process, we will which is co-chaired by John Brademas, President Emeri- present the initial findings at CED’s mid-year gathering tus, New York University; Charles Kolb, President, Com- in New York City on May 22-23, 2007. mittee for Economic Development; and Alfred Mockett, Chairman and CEO, Corinthian Capital LLC. Education While CED remains a business-led think tank, our focus for Global Leadership explains why more Americans is on finding ways for our policy recommendations to should study critical foreign languages, and emphasizes have real impact. As we continue to host CED events the importance of international studies to American around the country, we thank the many CED Trustees education as well as our economic and national security, who attend our meetings and speak at our forums. Your and the effectiveness of our public diplomacy. engagement as American business leaders helps ensure that impact. Our work on early education continued throughout 2006, beginning in January with a hugely successful New York City conference attended by over 230 business, education, and philanthropic leaders who discussed the importance of investments in early educa- W. Bowman Cutter tion. The conference was then followed by six forums Managing Director, Warburg Pincus, LLC around the country involving local United Way organizations, chambers of commerce, business leaders, and educators. We want to thank the Buffet Early Childhood Fund, the Kellogg Foundation, and the Pew Charitable Roderick M. Hills Trusts for underwriting these forums. Partner, Hills, Stern & Morley, LLP Led by Trustee Paul Horn, IBM’s Senior Vice president for Research, CED’s Digital Connections Council (DCC) issued a pathbreaking study, Open Standards, Open Sources, and Open Innovation: Harnessing the Benefits of Charles E.M. Kolb Openness. This report has received considerable and President, Committee for Economic Development favorable attention throughout the nation’s information technology community. The DCC includes the chief information or technology officers of major American companies.

As we look forward to 2007 – CED’s 65th anniversary – we are keenly interested in exploring why business leaders become engaged in public policy issues. In recent years, the American business community has often appeared distracted in the wake of numerous accounting, governance, and compensation-related scandals. Given this climate, it has been truly courageous for leading members of the business community to speak out publicly on issues affecting the future of the nation and not just the future of their businesses. The key issues facing the country today call for more business engagement and leadership in public policy.

Throughout 2007, CED will explore more deeply why business leaders do and do not become involved in public policy issues. This effort, spearheaded by McKinsey CED Co-Chair Roderick M. Hills (l), CED Co-Chair W. Global Institute Chairman Lenny Mendonca, will involve Bowman Cutter (c), CED President Charles E.M. Kolb (r)

CED Annual Report 2006 2006: CED Provides Business Leadership in Public Policy

The Committee for Economic Development has enjoyed a 65-year history of engagement of business leadership in public policy. CED was founded by top executives from major American corporations who helped develop the blueprint for the Marshall Plan that led to the economic recov- ery of Europe following World War II. Today, that same spirit of corporate statesmanship infuses CED’s work on campaign finance and political reform, improving our health-care system, globalization, deficit reduction, tax issues, education, and judicial reform. In 2006, CED held over 30 events focusing attention on these issues and CED’s recommendations for public policy. In addition to major events in Washington, D.C., and New York City, CED hosted or co-hosted events in 12 additional metropolitan areas, from Los Ange- les to Philadelphia. In 2007, CED will continue to support long-term “investment” in policies that will guarantee that America’s economy and society will enjoy sustained growth, productivity, and prosperity.

CED Releases “Making Washington Work” Statement CED Trustee John Brademas, President Emeritus, New Washington D.C.’s highly-partisan atmo- York University, and former sphere, plus the lack of real progress on Democratic Member of addressing major national problems, led CED Congress from Indiana, to establish a “Making Washington Work” provided his views of realistic project. The Co-Chairs of this effort are W. reforms for Congress and Washington. Bowman “Bo” Cutter, Roderick M. Hills, and Edward A. Kangas. This subcommittee has attracted a record number of over 80 Trustees and produced two policy statements in 2006: one covers lobbying reform; the other targets reform in the use – or misuse - of “earmarks” in the Congressional legislative process. The initial statements were released at a Washington, D.C., luncheon forum on November 9, 2006, just two days after the national mid-term election.

The “Making Washington Work” Subcommit- tee has also released a statement of prin- CED Co-Chair Rod ciples to guide its work. Those principles call Hills presented the for a return to positive civil debate in solving recommendations from pressing national problems, rather than par- CED’s “Making Washington tisan bickering and paralysis. The statement Work” report. Mr. Hills believes that leaders in of principles also calls for a return to the Washington must make “vital center,” i.e., leaders stepping forward to a good-faith effort to find engage in thoughtful debate aimed at crafting consensus on pressing positive compromises to improve the Ameri- public policy issues can economy and society. CED believes before they become major that our inability to find consensus on such national problems. crucial issues as the rising accumulation of

CED Annual Report 2006 Brookings Institution scholar Thomas Mann is the co-author (with Norman Ornstein) of The November 9, 2006 panel included (left to right): James Thurber, The Broken Branch: How Congress Is Failing Director, Center for Congressional and Presidential Studies, School of America and How to Get It Back on Track. Dr. Public Affairs, American University; Ramesh Ponnuru, Senior Editor, Mann believes the new Democratic Congress National Review; Thomas Mann (speaking), Senior Fellow, Governance has an opportunity to foster a spirit of Studies, The Brookings Institution; Roderick Hills, CED Co-Chair, Partner, cooperation in the next two years by restoring Hills, Stern & Morley LLP, and former SEC Chairman; and William Brock, the rules of “regular order” designed to craft CED Trustee, Founder and Senior Partner, The Brock Offices, and former legislation with input from both parties. U.S. Senator (R-TN).

James Thurber, CED Leadership on Health-Care Reform the Project In the coming year, CED will continue its efforts to se- Director for cure a health-care system that works for all. American’s “Making Washington employer-sponsored health-care system is rapidly erod- Work,” and the ing. The costs of health-care are rising at an unsustain- Director, Center able rate. With more and more Americans uninsured for Congressional and lacking affordable and appropriate health-care, and and Presidential with misuse, underuse, and overuse of many health-care Studies, School services, the American business community has an op- of Public Affairs, portunity to help develop a solution. In 2007, CED will American recommend specific changes in policy so that the nation University, may enjoy a healthier future. CED will lead an initia- outlined specific steps that would tive modeled on the Federal Employee Health Benefits increase bi- package with the inclusion of small businesses, and partisanship in the imposition of a cap on the existing health-care tax Congress. break. These proposals, among others, will be the first steps towards affordable and appropriate health-care for all Americans. public debt, ballooning and crippling health-care costs, The CED health-care project is co-chaired by CED a looming Social Security shortfall, an education system Trustees Jerome H. Grossman¸ Senior Fellow at the that leaves too many of our children behind world stan- John F. Kennedy School of Government, and Robert B. dards, and serious energy and environmental problems Chess, Chairman of Nektar Theraputics. The health-care is a scandal of monumental proportions. project is directed by noted health policy expert Alain In 2007, CED will release further substantive reports C. Entoven, Marriner S. Eccles Professor of Public and and recommendations as part of the on-going “Making Private Management (Emeritus) at Stanford University. Washington Work” effort, and will next address eth- In November 2006, CED released the first two parts of ics reform, redistricting, campaign finance abuses, and our health-care report, The Employer-Based Health-Insur- reforming the legislative process. continued

CED Annual Report 2006 ance System (EBI) Is At Risk: What We Must Do About It. Part One covered the major problems facing the American health-care system. Part Two examined why various CED held a January 25, 2007, meeting ittee

Prepared For CED Research And Policy Comm past reform proposals failed, and the wide- November 7, 2006 with San Francisco-area business ly discussed options that we believe are leaders to examine the next steps in deficient. This research outlined options The Employer-Based(EBI) Health-InsuranceIs At Risk System the health-care reform effort. The What We Must Do About It meeting was held at the San Francisco that present the best workable solutions to headquarters of the McKinsey Global bring affordable, quality health-care to all Institute Americans, nearly 50 million of whom lack health care coverage. In 2007, CED will release comprehensive recommendations and will continue research into the cost of reforming the system and various financing mechanisms.

Additionally, CED is a founding member of a major health-care reform coalition, Better Health Care Together, which includes Wal-Mart Corporation, AT&T, Intel, Kelly Services, as well as the Service Employees International Union, the Communications Workers of America, and two major public policy groups: the Howard H. Baker, Jr. Center for Public Policy, and the Center for American Progress.

CORPORATE GOVERNANCE: CED Works to Improve Shareholder Trust in American Corporations

"4UBUFNFOUCZUIF The highly visible account- 3FTFBSDIBOE1PMJDZ $PNNJUUFFPGUIF $PNNJUUFFGPS &DPOPNJD%FWFMPQNFOU ing scandals that surround- ed the collapse of Enron, WorldCom and several other major companies, to- 1SJWBUF&OUFSQSJTF 1VCMJD5SVTU gether with the revelations 5IF4UBUFPG$PSQPSBUF of fraud and other acts of "NFSJDB"GUFS 4BSCBOFT0YMFZ malfeasance by corporate executives, have aroused public outrage, called into question the values and ethics of business leaders, and undermined the public’s confidence in public companies. CED is concerned about the effects of the appearance, as well as the real- ity, of corporate impropriety.

On March 21, 2006, CED released Private Enterprise, Public Trust: The State of Corporate America After Sarbanes-Oxley, a policy statement that examines the SEC Chairman Christopher Cox state of corporate governance in the United States and offers practical recommendations for restoring public trust in business. The report was released at a Washington, D.C., forum that featured remarks by the Honorable Christopher Cox, Chairman of the U.S. Securities and Exchange Commission (SEC).

CED Annual Report 2006 Additional remarks were provided by CED Co-Chair Roderick M. Hills, Partner, Hills Stern & Morley LLP; Cono R. Fusco, Manag- ing Partner – Strategic Relationships, Grant Thornton, and Patrick McGurn, Executive Vice President, Institutional Shareholder Ser- vices. The session was moderated by Joseph Minarik, Sr. Vice President & Director of Research, CED.

Sarbanes-Oxley regulations and other new government-imposed rules, though beneficial on balance and deserving of time to become fully effective, are not sufficient to restore trust in business, notes the CED statement. CED recommends additional practical and The CED luncheon for the corporate governance report featured a lively panel effective changes – in financial statements, discussion of corporate governance issues. The panel (l to r): executive compensation, selection of corpo- Joseph Minarik, CED Vice President and Director of Research; Cono Fusco, rate boards, and other matters – that do not CED Trustee and Managing Partner – Strategic Relationships, Grant Thornton; require new government mandates. Patrick McGurn, Executive Vice President, Institutional Shareholder Services (ISS); Roderick Hills, CED Co-Chair and Partner, Hills, Stern & Morley, LLC. CED’s recommendations include: making audit committees autonomous and vigorous; ensuring that users understand that financial information is inexact and based on on judgments; giving Sarbanes-Oxley a chance to work; taming excessive executive compensation; and using independent nominating committees to select and appraise directors.

CED Expands Work on Early Childhood Education

Throughout 2006, CED continued its push for improved and expanded early education in America. The issue has gained significant attention in many states, and with continuing support from the business community, more progress will be achieved in the coming year.

CED and The Pew Charitable Trusts are founding members – along with an impressive array of early education leaders – of the Partnership for America’s Economic Success (PAES). The Partnership, along with The Pew Charitable Trusts, the Buffett Early Childhood Fund, and the W.K. Kellogg Foundation, provided generous funding in 2006 for several CED-hosted forums across the country to discuss issues related to early childhood education. In Memphis

On June 28, 2006, CED published The Economic Promise of Investing in High-Quality Preschool: Using Early Education CED Trustee Ira A. Lipman, Founder and Chairman, to Improve Economic Growth and the Fiscal Sustainability of Guardsmark, LLC, outlined his strong support for early States and the Nation, which presents the economic benefits childhood education at the Memphis event. of quality preschool. Tennessee Governor Phil Bredesen gave remarks at the release event, held at the FedEx Institute of Technology at the University of Memphis. Governor Bredesen was joined by Dr. Shirley Raines, President, University of Memphis; CED Trustee Daniel Rose, Chairman, Rose Associates, Inc.; CED Trustee Ira A. Lipman, Founder and Chairman, Guardsmark, LLC; Susan Urahn, Director of State Policy Initiatives, The Pew Charitable Trusts; and Charles Kolb, CED’s President. The study finds that American children, the economy and our society can greatly benefit from improved and expanded early childhood education programs. The release event also included a tour of the Barbara K. Lipman Early Childhood School and Research Institute at the University of Memphis. continued

CED Annual Report 2006 In Southeast Wisconsin

On September 25, 2006, CED and 33 additional sponsors, hosted an economic development summit focusing on investments in young children. This summit, the third in a series made possible by generous support from the Buf- fett Early Childhood Fund, was held at the offices of We Energies in Milwaukee, WI, and attracted over 170 local and state business, policy and education leaders.

The summit included remarks from Roberta Gassman, Secretary, Wisconsin Department of Workforce Develop- A tour of the Barbara K. Lipman Early Childhood School and ment; CED Trustee Jeff Joerres, Chairman, CEO & Presi- Research Institute kicked off the Memphis release event. CED dent, Manpower Inc.; Governor Jim Doyle; Charles Kolb, Trustee Daniel Rose, Chairman, Rose Associates, Inc.; University President, CED; Dan Pedersen, President, Buffett Early of Memphis President Dr. Shirley Raines; CED President Childhood Fund; and Helen Johnson-Leipold, Chairman Charles Kolb; CED Trustee Ira Lipman, Founder and Chairman, & CEO, Johnson Outdoors Inc., and Chairman, Johnson Guardsmark, LLC; and Sandra Brown Turner, Director of the Financial Group. Lipman School. The event also included a panel discussion, with remarks from Steven Barnett, Director, National Institute for Early Education Research; Robert H. Dugger, Managing Director, Tudor Investment Corporation; Dennis Mueller, Vice President, Gas Operations, Quanta Services, Inc.; and Sister Joel Read, Education Committee Chair, Greater Milwaukee Committee.

At the Washington, D.C., early education forum, CED Trustee James Rohr, Chairman & CEO, The PNC Financial Services Group, Inc., talks about the need for corporate leadership on early education issues. Rohr’s company has established PNC National and state leaders met in Tennessee to discuss the need Grow Up Great, a $100 million for high-quality early education. From left to right: Daniel Rose, commitment over ten years to Chairman, Rose Associates, Inc.; Dr. Shirley Raines, President, early education programs in University of Memphis; Tennessee Governor Phil Bredesen; Ira communities served by PNC. A. Lipman, Founder and Chairman, Guardsmark, LLC; Charles Kolb, President, CED; Susan Urahn, Director, State Policy, The Pew Charitable Trusts; and Dr. Charles Manning, Chancellor, Tennessee Board of Regents.

CED Trustee Robert In Washington, DC Dugger, Managing Director, The July 25, 2007, Washington report release forum Tudor Investment Corp., discussed the findings and featured keynote remarks from CED Trustee James E. recommendations of The Rohr, Chairman and CEO of PNC Financial Services Economic Promise of Investing Group, Inc. He was joined by Trustees Robert Dugger, in High-Quality Preschool: Managing Director of Tudor Investment Corporation, Using Early Education to and Daniel Rose, Chairman of Rose Associates, Inc. Improve Economic Growth The three served as co-chairs of the CED subcommittee and the Fiscal Sustainability that produced the policy statement. The program also of States and the Nation. Rob featured a panel discussion with Donna Desrochers, Dugger has been a passionate CED Vice President and Director of Education Studies; leader of CED’s effort to establish quality universal Noel Epstein, author and former Education Editor at The early education opportunities Washington Post; and Sara Watson, Senior Program Of- for all American children. ficer, State Policy Initiatives, The Pew Charitable Trusts.

CED Annual Report 2006 In New York man of the Board, ONEOK Inc.; and Ginnie Graham, Early Childhood Education Reporter, Tulsa World. In Many of the leading early childhood experts in the world addition, remarks were heard from Steve Turnbo, Chair, joined representatives of the business community at Tulsa Metro Chamber of Commerce; Charles Kolb, Presi- CED’s January 10, 2006, New York conference on early dent, CED; and Ken Levit, President, The University of education, including: Dr. James J. Heckman, Nobel Oklahoma at Tulsa. Prize-winning economist from the University of Chicago; James E. Rohr, Chairman and CEO, The PNC Financial Over the next three years, CED will be working closely Services Group, Inc.; Rebecca W. Rimel, President and with the Partnership for America’s Economic Succes- CEO, The Pew Charitable Trusts; Sandra Pianalto, Presi- sess, the Buffett Early Childhood Fund, and members of dent and CEO, Federal Reserve Bank of Cleveland; Bev- the Birth-to-Five Policy Alliance to coordinate and host erley Hughes Minister of State (Children, Young People similar events targeting business leaders in key states and Families) for Great Britain; Philip Murphy, Senior with established or emerging Educare programs such as Director, The Goldman Sachs Group; Robert Dugger, Nebraska, Wisconsin, and Kansas. Managing Director, Tudor Investments, Inc.; and Doug Price, Founder, Educare, Colorado.

The conference attendees represented 26 states and the District of Columbia. Also attending were 24 delegates from the United Kingdom. The 230 participants included over 100 business representatives. The majority of the other attendees represented foundations, universities and think tanks. In Nebraska

On April 3, 2006, CED, along with the University of Nebraska (UNK) at Kearney, the Buffett Early Childhood Fund, the Nebraska Children and Families Foundation, and United Way of the Kearney Area hosted a Kearney, Nebraska, luncheon discussion on the importance of investing in early education. Barry Griswell, Chairman & Featured speakers at the New CEO of The Principal Financial Group, provided keynote York Conference included (left to remarks at the UNK forum. Over 150 business, policy right): Dr. James Heckman of the University of Chicago; Beverley and education leaders joined for the discussion, “Early Hughes, British Minister of State Education: A Smart Investment.” The discussion includ- (Children, Young People and ed remarks from Doug Kristensen, Chancellor, Univer- Families) for Great Britain; and sity of Nebraska at Kearney; Dan Pedersen, President, Rebecca W. Rimel, President and Buffett Early Childhood Fund; and Joseph J. Minarik, CEO, The Pew Charitable Trusts. Senior Vice President & Director of Research, CED. In Tulsa

On March 2, 2006, CED and the Tulsa Metro Chamber of Commerce hosted over 400 business, policy and academic leaders at a Tulsa, OK, luncheon discussion focusing on the economic benefits of investing in early education programs. This was the first in a series of early education forums CED will be hosting with generous support from the Buffett Early Childhood Fund.

The forum included keynote remarks from George Kaiser, President & CEO, Kaiser-Francis Oil Company, Chairman, BOK Financial Corporation. The forum also featured an interactive panel, with remarks from Dr. Steve Barnett, Director, National Institute for Early Education Research (NIEER); Robert Dugger, Managing In Tulsa, George Kaiser, President & CEO, Kaiser-Francis Oil Director, Tudor Investment Corporation; John Gaberino, Company, BOK Financial Corporation, gave specific examples of Senior Vice President and Special Counsel to the Chair- the value of early education programs for local children.

CED Annual Report 2006 2006: CED Report Highlights Need for International Studies and Foreign Language Education for U.S. Economic and National Security

On February 9, 2006, CED released a new report – Edu- cation for Global Leadership: The Importance of In- ternational Studies and Foreign Language Education for U.S. Economic and National Security – focused on improving foreign language education and international studies for U.S. students.

The report was featured at a Washington, D.C., luncheon forum that included speeches by Senator Norm Coleman of Minnesota, Senator Paul Sarbanes of Maryland, and Congressman Rush Holt of New Jersey.

The Report’s co-chairs – the Honorable John Brademas, President Emeritus, New York University; Alfred T. Mockett, Chairman & CEO, Corinthian Capital; and CED Presi- dent Charles Kolb – presented the report’s findings and recommendations.

The Capitol Hill luncheon featured a panel discussion with: The Honorable David S.C. Chu, Under Secretary for Personnel & Readiness, Department of Defense; Barbara Chow, Vice President, Education and Children’s Programs, National Geographic Society; and Ambas- sador Michael Lemmon, Faculty Advisor, National War College.

The February event focused on the value of improving foreign language and foreign culture curriculum in the U.S. education system. Featured speakers were (top to bottom): Congressman Rush Holt (D-NJ); Senator Norm Coleman (R-MN); former Indiana Congressman John Brademas, President Emeritus, New York University; and Alfred Mockett, Chairman and CEO, Motive, Inc. John Brademas and Alfred Mockett are CED Trustees and co-chair, with CED President Charles Kolb, the CED Subcommittee that produced Education for Global Leadership.

10 CED Annual Report 2006 Menlo Park, CA Milton Chen, As a follow up to the release of CED’s foreign language Executive Director, report, CED partnered with the William and Flora George Lucas Hewlett Foundation and the Asia Society to host a Educational Foundation, roundtable discussion examining the possibilities for discusses materials improving international education in California schools. that will help The forum was held on Thursday, February 16, 2006, at students in the Hewlett Foundation in Menlo Park, CA. California schools learn more The forum featured remarks from panelists Milton languages and learn Chen, Executive Director, George Lucas Educational more about foreign Foundation; Jane Wales, President and CEO, World cultures. Affairs Council of Northern California; Bess Stephens, Vice President and Global Director, Philanthropy and Education, Hewlett-Packard Company; and Yvonne Chan, Member, California State Board of Education and Principal, Vaughn Next Century Learning Center. Vivien Stewart, Vice President of Education for The Asia Soci- ety, addressed state policy implementation across the country, and Charles Kolb, CED’s President, discussed the report’s findings.

The roundtable attracted over 40 leading California advocates for increased international education, policy makers, academics and business leaders. The discussion focused on strategies for California to lead the nation in providing its students with strong international studies and foreign language education. Given California’s ethni- cally diverse population and ever-increasing integration with the world economy, the group agreed that more needs to be done to integrate international studies into all aspects of public education. Yvonne Chan (r), a member of New York, NY California’s State Board of Education, On May 16, 2006, CED partnered with the John Brade- delivers remarks as Jane Wales of the World Affairs Council listens. mas Center for the Study of Congress to host a third luncheon discussion on the importance of international education. Speakers, including CED President Charles Kolb, highlighted CED’s new policy statement, Educa- tion for Global Leadership: The Importance of International Studies and Foreign Language Education for U.S. Economic and National Security.

This New York University forum, featured a keynote address from Tracy Wolstencroft, Managing Director, Goldman, Sachs & Co. The panel discussion included remarks from Barbara Chow, Vice President, Education and Children’s Programs, National Geographic Society; Dr. Farhad Kazemi, Director, Hagop Kevorkian Center for Near Eastern Studies and Professor of Middle Eastern Government and Politics, New York University; and John Brademas, President Emeritus, New York University and Co-Chair of CED’s Subcommittee on International Education and Foreign Language Studies. Participants in the New York foreign language forum included (l to r): Farhad Kazemi, Charles Kolb, Barbara Chow, John Brademas and Tracy Wolstencroft

CED Annual Report 2006 11 The Coca-Cola Company and Avon Products, Inc. Honored At 2006 CED Gala Awards Dinner

encourages employees to reach their full potential. In her remarks to the CED audience, she spoke of the community ties that Avon has built in over 100 countries around the world. She noted that becoming an Avon employee is a welcome and fulfilling career path for thousands of women around the world. Avon also supports improving living standards through the Avon Foundation which has raised more than $450 million for education and wellness programs since 1955.

James D. Robinson III, Co-Founder & General Part- ner, RRE Ventures, and former Chairman and CEO, American Express Company, was honored at the CED dinner with the 2006 CED Trustee Leadership Award. Jim Robinson is a long-time CED Trustee and has led (l-r) Coca-Cola’s Neville Isdell, Andrea Jung of Avon Products, efforts to increase trade for the benefit of both the Jim Robinson III of RRE Ventures, and CED President Charles United States and our trading partners. Mr. Robinson Kolb at the VIP reception before CED’s annual awards dinner. is Chair of CED’s Subcommittee on Trade and has presided over two major CED trade reports. He has Corporate involvement in communities and public policy led CED’s efforts to prod the United States towards a was the theme of the 2006 CED Annual Meeting. On May bold “go first on trade” stance during on-going World 23, 2006, CED honored three business leaders at the 2006 Trade Organization talks. In his remarks to the audi- CED Gala Awards Dinner held in New York City. The dinner ence, Mr. Robinson noted that CED’s reports on trade is the highlight of CED’s annual meeting, and was held at “underscore the importance of economic growth and the Waldorf=Astoria Hotel. For 2006, CED honored three interdependence as fundamental to lasting world prominent business leaders for their contributions to public peace.” CED’s 2005 report, Making Trade Work: policy. Straight Talk on Jobs, Trade, and Adjustment, has been endorsed by five former U.S. Trade Representatives, The Coca-Cola Company and Neville Isdell, Chairman, three former presidents, and two former Treasury Board of Directors, and CEO of Coca-Cola, were honored Secretaries. with the 2006 CED Distinguished Performance Award for Corporate Citizenship. The Coca-Cola Company has made a commitment to improving the communities in which it operates, and CED applauds the company for its un- wavering commitment to integrity and leadership. In his remarks, Mr. Isdell spoke of the need for corporations to establish strong ties to each community they serve and to the workers they employ. The Coca-Cola Company has a long record of corporate responsibility and commitment to thousands of communities around the world. As an exam- ple, Mr. Isdell described his attending a Nairobi ceremony opening a new water facility that was paid for by The Coca- Cola Company. He concluded his remarks by addressing mistrust of large corporations by declaring, “I believe there are few more effective ways to restore trust over the long term than sustaining corporate citizenship.”

CED’s 2006 Peter G. Peterson Award for Business Statesman- ship was presented to Andrea Jung, Chairman and CEO, Avon Products Inc. In her role as CEO, Andrea Jung has created a work environment that fosters work-life balance, and Avon has created opportunity for millions of women CED Trustee Peter G. Peterson, Chairman, The Blackstone around the world. Ms. Jung is one of the most respected Group, presented the CED Business Statementship Award, business leaders in America, and she is committed to which is named in his honor, to Andrea Jung, Chaiman and corporate philanthropy and to creating a workplace that CEO, Avon Products, Inc.

12 CED Annual Report 2006 2006 CED Awardees

The Coca-Cola Company and Andrea Jung, Chairman & James D. Robinson III, Co-Founder Neville Isdell, Chairman & CEO CEO, Avon Products, Inc & General Partner, RRE Ventures CED Distinguished Performance Award Peter G. Peterson Award and Former Chairman and CEO, for Corporate Citizenship for Business Statesmanship American Express Company CED Trustee leadership Award

More than 330 business and policy leaders attended the CED Annual Gala Awards Dinner in New York City.

Daniel Yankelovich spoke passionately about the value Annual Meeting Breakfast Features to the economy when business promotes high ethical Daniel Yankelovich on Business Ethics standards in its day-to-day operations.

Following its Annual Dinner, CED hosted a breakfast forum on Wednesday, May 24, 2006, at the Waldorf=Astoria in New York City featuring remarks from noted author Daniel Yankelovich. Mr. Yankelovich, author of Profit with Honor: The New Stage of Market Capitalism (Yale University Press), argued that attempting to use more laws and regulations to deal with the flawed ethical climate that has characterized some American businesses will not succeed. Instead, through case histories, he showed how many business leaders can build new social and ethical norms that incorporate both profitability and stewardship.

Many consider Mr. Yankelovich to be the founder of modern public opinion research, and he is also an experienced member of the corporate boardroom. He is Co-Founder and Chairman of Public Agenda, established the public opinion research firm of Yankelovich, Skelly and White, and later started DYG, Inc. His remarks drew over 100 business and civic leaders.

CED Annual Report 2006 13 CED Hosts Money and Politics Forums in Chicago, Los Angeles, New York and Washington

The 2008 national election is expected to be the most expensive in our history. CED continues to be the leading business voice for campaign finance reform. In 2006, CED hosted four forums on the recommendations in its 2005 report, Building on Reform: A Business Proposal for Strengthening Election Finance. Eliminating unregulated campaign contributions (“soft money”) by closing the so-called “527” loophole and improving campaign contribu- tion reporting continue to be top priorities. With generous support from The Pew Charitable Trusts, CED is continuing its outreach to the business community on this issue. Washington, DC New York City

On March 16, 2006, CED hosted a luncheon forum CED, along with the Reform Institute, hosted an April featuring remarks from Senator John McCain (R-AZ) 24, 2006, luncheon forum featuring Congressman to highlight the recent successes of the reform move- Christopher Shays (R-CT). CED President Charles Kolb ment in Washington and to underscore the need for moderated the panel discussion which included: Carol further action. The panel discussion included remarks Darr, Director, George Washington University’s Institute from Norman J. Ornstein, Resident Scholar, American for Politics, Democracy & the Internet, Graduate School Enterprise Institute; Trevor Potter, President and General of Political Management; Richard H. Davis, Partner, Da- Counsel, Campaign Legal Center; James A. Thurber, Di- vis Manafort; and Norman J. Ornstein, Resident Scholar, rector, Center for Congressional and Presidential Studies, American Enterprise Institute. The event was hosted by American University; and Anne Wexler, Chairman of CED Trustee Edward A. Kangas, Retired Chairman & the Executive Committee, Wexler & Walker Public Policy CEO, Deloitte Touche Tohmatsu at the Waldorf=Astoria Associates. in New York City.

Approximately 120 business and civic leaders attended and discussed the various reform efforts. Panelist Trevor Potter of the Campaign Legal Center commented on the status of In New York, City, politics inside the Congressman Beltway as fellow Christopher Shays panelist Anne (R-CT), a long- Wexler listened at time supporter of the Washington, comprehensive D.C. Forum. campaign finance reform, called for business leaders to support on-going reform efforts.

In Washington, D.C., Senator John McCain, unable to leave the Senate floor due to budget votes, provided remarks via video. Senator McCain said, “Despite our past successes, recent scandals in Washington have eroded public faith in our systems of government. We must work to strengthen ethics guidelines, training and enforcement; we must slow the revolving door between public service and private lobbying; and we must enact comprehensive earmark reform. Transparency is vital to restoring public trust. Without it, public faith in government will break down.”

14 CED Annual Report 2006 Los Angeles Chicago

CED, along with the California Clean Money Campaign, On June 7, 2006, CED partnered with the Illinois Cam- hosted a June 6, 2006, luncheon which featured remarks paign for Political Reform to sponsor a luncheon on the from Charles Kolb, President, CED; Thomas Mann, effects of money in politics. The event featured Illinois Senior Fellow, The Brookings Institution; Robert Stern, Attorney General Lisa Madigan and Illinois Comp- President, Center for Governmental Studies; Richard troller Daniel Hynes, and was hosted by CED Trustee Jacobs, Chair, Brave New Films; and Susan Lerner, Ronald Grzywinski, Chairman & President, ShoreBank Executive Director, California Clean Money Campaign; Corporation, at the Swissôtel in Chicago, Illinois. Attor- CED Trustees Harold Williams, President Emeritus, J. ney General Madigan acknowledged that the problem of Paul Getty Trust; and John Siciliano, Partner, Grail part- corruption in government cannot be handled by elected ners LLC, discussed the intense campaign fundraising officials alone, and she asked that business and civic atmosphere in California. leaders demand greater accountability and transparency.

(l-r) CED President Charles Kolb; Illinois Campaign for Political Reform Director, Cynthia Canary; Illinois Comptroller Daniel Hynes; and Illinois Attorney General Lisa Madigan at the Chicago money and politics forum.

CED Trustees Harold Williams (left), President Emeritus, J. Paul Getty Trust, and John Siciliano (below), Partner, Grail Partners, LLC; hosted the Los Angeles forum.

CED Trustee John Brademas, President Emeritus, New York University; Congressman Christopher Shays (R-CT); CED President Charles Kolb (l to r) at the New York, City forum.

CED Annual Report 2006 15 2006: An Active Year for CED and Judicial Selection Reform

CED Sponsors “Courts Under Attack: Defending an Independent Judiciary” Luncheon

CED and Justice for All cosponsored a luncheon fo- CED thanks The Open Society Institute (OSI) for their rum in Phoenix, AZ - Courts Under Attack: Defending generous support of the three 2006 judicial selection re- An Independent Judiciary - on December 12, 2006. We form events. For more information on OSI, go to http:// were honored that retired Associate Justice Sandra Day www.soros.org. For more information on the state- O’Connor delivered keynote remarks which emphasized by-state judicial election results, selection process and the urgency of acting to protect the independence of campaign money and attack ads, visit www.justiceat- the American judiciary. She urged the many business stake.org. For more information on the Arizona selection and civic leaders present to act to protect the Arizona process, elections and reform, visit www.justiceforall.org. merit-selection system, in particular from recent calls to introduce elections for judicial posts.

A panel of national and local experts discussed the national trend toward increasing amounts of money flowing into judicial elections. These funds often under- write attack ads that have targeted judges facing retention elections throughout the country. Charles Kolb, President of CED, moderated the panel discussion which featured speakers Bert Brandenburg, Executive Director of Justice at Stake; Sally Rider, Director of The William H. Rehnquist Center on the Constitutional Structures of Government, University of Arizona College of Law; Chief Justice Ruth V. McGregor of the Arizona Supreme Court; and Pete Dunn, Executive Director of Justice for All. Mr. Brandenburg highlighted the growing influence of money in judicial elections and discussed coordinated attacks on sitting judges.

Since 2002, CED has been involved in a multi-year campaign to draw national attention to the need for judicial Charles Kolb, President, CED; Retired Associate independence. This event was the latest in a series of Justice Sandra Day O’Connor; Michael Petro, regional forums held throughout the country to inform Vice President, CED; The Honorable Ruth and mobilize business leaders on the importance of McGregor, Chief Justice of the Arizona Supreme maintaining judicial independence, reforming judicial Court; Pete Dunn, former member of the selection and protecting both the independence and se- Arizona House of Representatives, and Executive lection process from the influence of campaign funding Director of Justice for All (l to r). and political attacks.

The panel for the Phoenix event (l to r): Charles Kolb, Bert Brandenburg, Sally Rider, The Honorable Ruth V. McGregor, and Pete Dunn

16 CED Annual Report 2006 CED and Justice at Stake Host Judicial of the Missouri judicial branch to transparent oversight Selection Luncheon Forum in Kansas City stating: “We want to take a business-like approach to our own operations. We are the only state that said ‘yes’ to On November 13, 2006, CED and Justice at Stake hosted the American Bar Association’s Standing Committee on a luncheon forum on “Why a Fair and Impartial Judiciary the Independence of the Judiciary to come to Missouri Matters to the Business Community” in Kansas City. CED and evaluate our system.” Trustee and Chairman of EverGlades Financial, Landon Rowland, and Chief Justice Michael A. Wolff of the Pat McLarney echoed the need for national and regional Supreme Court of Missouri, delivered keynote remarks changes: “When I became president of the Kansas City on the importance of protecting Missouri from political Bar Association, I realized that the biggest issue that we attacks such as those seen in neighboring states. Other have as bar associations across the country is attacks speakers included Patrick McLarney, President of the on the judiciary and what is going on nationally as far Kansas City Metro Bar Association; Bert Brandenburg, as the judiciary is concerned. We have seen some very Executive Director of Justice at Stake; Mike Petro, Vice clear examples of attacks in Missouri this year.” President of the Committee for Economic Development; Philadelphia Luncheon Focused on Merit Dana Tippin Cutler, Standing Committee on Judicial Selection Independence at the American Bar Association; the Honorable Richard D. Greene of the Kansas Court of On January 26, 2006, CED, along with Trustee Donald Appeals; and Jeffrey Roe, Founder and Chief Executive Caldwell, Chairman & CEO, Cross Atlantic Capital Part- of Axiom Strategies. ners, hosted 40 business, legal and policy leaders at a luncheon discussion at the Union League in Philadelphia, Keynote speakers Landon Rowland and Chief Justice PA. The forum focused on judicial reform including an Wolff discussed the need for maintaining the indepen- effort to create a merit selection system for judges in dence of the Missouri judiciary. Mr. Rowland has become Philadelphia. increasingly concerned about the influence of money in judicial elections and said: “This is a critical issue that Speakers included CED President Charles Kolb, Lynn is a warning in this country mainly because of special Marks, Executive Director, Pennsylvanians for Modern interest politics and money that fuel it in a way that we Courts (PMC), and the Honorable Phyllis Beck, former never imagined and certainly haven’t been ready for.” Pennsylvania Superior Court Judge, and PMC Board Chief Justice Wolff expressed a commitment on the part Member.

Circulo de Empresarios – 2006 International Counterparts Meeting

At the Counterparts Madrid, Spain meeting, CED President Charles To help expand our work on globaliza- Kolb provided an tion, trade, and social issues, the Com- update on CED’s most mittee for Economic Development is recent work, including part of an international group of a dozen the effort to improve business-led public policy organizations. foreign language A full list of our Counterparts can be instruction in the found on the back cover of this annual United States. report.

In 2006, CED President Charles Kolb A highlight of the 2006 and CED Vice President Michael Petro international counterparts attended the XX International Confer- meeting was an address by ence of Private Business Associations His Majesty, King Juan in Madrid, Spain. The October 19-20 Carlos I of Spain. conference focused on policies related to the aging workforce and featured productive sessions on economic policy, education, energy, health care, and bal- ancing career and family.

CED Annual Report 2006 17 Selected CED Events – 2006

January 9 – New York, NY Reform Summit at the National Press David Walker, Comptroller General Club. The summit brought together of the United States, Government Early Education Press Briefing for the experts to discuss the important lob- Accountability Office. Since late 2005, media with the main participants from bying reforms needed to clean up the Fiscal Wake-up Tour has hosted 23 the Building the Economic Case for the legislative process in Washington, events focused on the dangers of high Investments in Preschool (see next D.C. The forum featured keynote federal budget deficits on future eco- item for details). More than a dozen remarks from Senator Barack Obama nomic growth. The effort will continue reporters took part in person or on a (D-IL). The panel that followed his in 2007. conference call. remarks included Martin Frost, former February 9 - Washington, D.C. January 10 – New York, NY Congressman from Texas and Fellow, Woodrow Wilson International Center Release of Education for Global Building the Economic Case for Scholars; Lee Hamilton, former Leadership: The Importance of for Investments in Preschool Congressman from Indiana and International Studies and Foreign Conference. CED, The Pew Charitable President & Director, Woodrow Wilson Language Education for U.S. Trusts, and PNC Financial Services International Center for Scholars; Economic and National Security. sponsored an all-day conference that Trevor Potter, President & General This event featured keynote remarks focused on early-education topics. Counsel, The Campaign Legal Center: from The Honorable Rush Holt, Over 200 business leaders and educa- James A. Thurber, Director, Center U.S. House of Representatives (NJ) tion experts met to discuss progress for Congressional and Presidential and The Honorable Norm Coleman, in local, state, and national efforts Studies, American University; Fred U.S. Senate (MN). In addition The to establish universal, high-quality Wertheimer, President, Democracy Honorable Paul Sarbanes, US Senate prekindergarten for all American 21; and Joseph Minarik, Senior Vice (MD); CED Trustee The Honorable children. Speakers included many of President and Director of Research, John Brademas, President Emeritus, the leading early childhood education CED. New York University; CED Trustee and care experts in the world, such January 26 – Philadelphia, PA Alfred T. Mockett, Chairman & CEO, as Nobel Laureate James Heckman, Corinthian Capital; The Honorable University of Chicago; James Rohr, Judicial Reform Luncheon. CED David S.C. Chu, Under Secretary for Chairman & CEO, The PNC Financial Trustee Donald Caldwell, Chairman Personnel & Readiness, Department Services Group, Inc.; Rebecca & CEO, Cross Atlantic Capital Partners, of Defense; Barbara Chow, Vice Rimel, President & CEO, The Pew hosted 40 business, legal, and policy President, Education & Children’s Charitable Trusts; Sandra Pianalto, leaders at a luncheon discussion. Programs, National Geographic President & CEO, Federal Reserve The forum focused on judicial re- Society; and Ambassador Michael Bank of Cleveland; Beverley Hughes, form, including an effort to create a Lemmon, Faculty Advisor, National Minister of State (Children, Young merit selection system for selecting War College spoke on the significance People and Families) for Great Britain; judges in Pennsylvania. Speakers of American students mastering Philip Murphy, Senior Director, The included Charles Kolb, President, foreign languages and learning about Goldman Sachs Group; Robert Dugger, CED; Lynn Marks, Executive Director, other cultures. Managing Director, Tudor Investments, Pennsylvanians for Modern Courts Inc.; and Douglas Price, Founder, (PMC); the Honorable Phyllis Beck, February 15 – San Francisco, CA Educare, Colorado. In addition, Zogby former Pennsylvania Superior Court Campaign Finance Reform Luncheon International released the results of a Judge and PMC Board Member; Shira new poll of business leaders on early Forum. With generous support from Goodman, Associate Director, PMC; the Richard and Rhoda Goldman education issues at the conference. and Don Caldwell. The poll found that American busi- Foundation, CED hosted a campaign ness leaders overwhelmingly back February 7-8 – Atlanta, GA finance reform luncheon forum with public funding for prekindergarten for The Greenlining Institute and the all children to keep the U.S. economy Fiscal Wake-Up Tour with Joseph California Clean Money Campaign. globally competitive. Minarik, Sr. Vice President & Director This event built on the momentum of Research, CED. In addition to CED, recently gained from passage of January 26 – Washington, D.C. the Fiscal Wake-up Tour participants legislation calling for publicly financed include: The Concord Coalition, The state and legislative campaigns by CED and the Center for Congressional Brookings Institution, The Heritage the California Assembly. Leaders and Presidential Studies at American Foundation, The Committee for a of the state and national campaign University hosted the Lobbying Responsible Federal Budget, and finance reform debate met to discuss

18 CED Annual Report 2006 Selected CED Events – 2006 how political campaign funding is March 2 – Tulsa, OK mendations for restoring public trust evolving. The co-sponsors met with in businesses. Speakers at the event key California reform proponents, Early Education Luncheon. CED included The Honorable Christopher including Assemblywoman Loni and the Tulsa Metro Chamber of Cox, Chairman of the U.S. Securities Hancock, author of the recent legisla- Commerce hosted over 400 business, and Exchange Commission; CED tion; Senator Debra Bowen, Chair, policy, and academic leaders for a Co-Chair Roderick Hills, Partner, Senate Elections, Reapportionment luncheon discussion on the economic Hills Stern & Morely LLP; Joseph and Constitutional Amendments benefits of investing in early educa- Minarik, Sr. Vice President & Director Committee; Robert Harris, Vice tion programs. The forum included of Research, CED; CED Trustee Cono President of Environmental Affairs, keynote remarks from George Kaiser, Fusco, Managing Partner - Strategic Pacific Gas & Electric Co.;Robert President & CEO, Kaiser-Francis Relationships, Grant Thornton; and Stern, President, Center for Oil Company and Chairman, BOK Patrick McGurn, Executive Vice Governmental Studies; A.W. Clausen, Financial Corporation. An interac- President, Institutional Shareholder Chairman & CEO (Retired), Bank of tive panel discussion included re- Services. America; Charles Kolb, President, marks from Dr. Steve Barnett, CED; Ted Williams, Chairman, Director, National Institute for Early April 3 – Kearny, NE California Clean Money Campaign; Education Research; Robert Dugger, Managing Director, Tudor Investment Early Education Luncheon. CED, the John Diaz, Editorial Page Editor, University of Nebraska at Kearney San Francisco Chronicle; and Paul Corporation; John Gaberino, Senior Vice President & Special Counsel to (UNK), the Buffett Early Childhood Turner, Senior Program Manager, The Fund, the Nebraska Children and Greenlining Institute. the Chairman of the Board, ONEOK Inc.; Ginnie Graham, Early Childhood Families Foundation, and the United February 15 – Washington, D.C. Education Reporter, Tulsa World; Steve Way of the Kearney Area hosted a Turnbo, Chair, Tulsa Metro Chamber of luncheon discussion on the impor- Tax Reform Meetings on Capitol Commerce; and Ken Levit, President, tance of investing in early education in Hill with Members of the House of The University of Oklahoma at Tulsa. Kearney, Nebraska. Over 150 business, Representatives. CED Co-Chair Bo policy, and education leaders joined for Cutter, CED Sr. Vice President & March 16 – Washington, D.C. the discussion. Speakers at the event Director of Research Joseph Minarik, included Barry Griswell, Chairman & and CED Director of Communications The “Making Washington Work” CEO of The Principal Financial Group; Morgan Broman. Luncheon Forum featured Senator Douglas Kristensen, Chancellor, John McCain who highlighted the University of Nebraska at Kearney; February 16 – Washington, D.C. recent successes of the reform Daniel Pedersen, President, Buffett movement in Washington and un- Early Childhood Fund; and Joseph Education for Global Leadership: The derscored the need for further ac- Importance of International Studies Minarik, Sr. Vice President & Director tion. Speakers at the forum included of Research, CED. and Foreign Language Education Norman Ornstein, Resident Scholar, for U.S. Economic and National American Enterprise Institute; April 24 – New York, NY Security Roundtable Discussion. The Trevor Potter, President & General forum featured remarks from panel- Counsel, Campaign Legal Center; CED’s Money and Politics Forum fea- ists Milton Chen, Executive Director, James Thurber, Director, Center for tured Congressman Christopher Shays George Lucas Educational Foundation; Congressional and Presidential Studies, (R-CT). The forum highlighted the Jane Wales, President & CEO, World American University; and Anne recent successes in campaign finance Affairs Council of Northern California; Wexler, Chairman of the Executive reform and underscored the need for Bess Stephens, Vice President & Committee, Wexler & Walker Public further action in Washington to create Global Director, Philanthropy and Policy Associates. lasting ethics and lobbying reform. Education, Hewlett-Packard Company; Speakers at the event included Carol and Yvonne Chan, Member, California March 21 – Washington, D.C. Darr, Director, George Washington’s State Board of Education and Principal, Institute for Politics, Democracy & the the Vaughn Next Century Learning Release of Private Enterprise, Internet, Graduate School of Political Center. Vivien Stewart, Vice President Public Trust: The State of Corporate Management; Richard Davis, Managing of Education, The Asia Society, ad- America After Sarbanes-Oxley. This Partner, Davis Manafort; and Norman dressed what policies other states policy statement examines the state Ornstein, Resident Scholar, American have implemented and the findings of of corporate governance in the United Enterprise Institute. CED Trustee CED’s global leadership report. States and offers practical recom- continued

CED Annual Report 2006 19 Selected CED Events – 2006

Edward Kangas, Retired Chairman Directors, & CEO, Coca-Cola (2006 Associates, Inc.; Ira Lipman, Founder & CEO, Deloitte Touche Tohmatsu, CED Distinguished Performance and Chairman, Guardsmark, LLC; hosted the event. Award for Corporate Citizenship); Donna Desrochers, Vice President and Andrea Jung, Chairman & CEO, Avon Director of Education Studies, CED; May 16 – New York, NY Products Inc. (2006 Peter G. Peterson and Susan Urahn, Director of State CED and the John Brademas Center for Award for Business Statesmanship); Policy Initiatives, The Pew Charitable the Study of Congress hosted a forum James D. Robinson III, Co-founder & Trusts. Business leaders began the day on Education for Global Leadership: General Partner, RRE Ventures, and with a tour of the Barbara K. Lipman The Importance of International Former Chairman & CEO, American Early Childhood School and Research Studies and Foreign Language Express Company (2006 CED Trustee Center located at the University of Education for U.S. Economic and Leadership Award). Memphis. National Security Luncheon. The June 6 – Beverly Hills, CA July 25 – Washington, D.C. discussion focused on the importance of international education. CED hosted the Money and Politics Release of The Economic Promise of Speakers included Tracy Wolstencroft, Forum in partnership with the Investing in High-Quality Preschool: Managing Director, Goldman, Sachs California Clean Money Campaign Using Early Education to Improve & Co.; Barbara Chow, Vice President, (CCMC). Over 35 business and com- Economic Growth and the Fiscal Education and Children’s Programs, munity leaders joined for the discus- Sustainability of States and the National Geographic Society; Dr. sion which featured remarks from Nation. The Washington forum Farhad Kazemi, Director, Hagop Thomas Mann, W. Averell Harriman featured keynote remarks from CED Kevorkian Center for Near Eastern Chair and Senior Fellow, The Brookings Trustee James Rohr, Chairman and Studies and Professor of Middle Institution; Robert Stern, President, CEO, PNC Financial Services Group, Eastern Government and Politics, Center for Governmental Studies Inc. He was joined by Trustees Robert New York University; and John (CGS); Susan Lerner, Executive Dugger, Managing Director, Tudor Brademas, President Emeritus, New Director, CCMC; and Richard Jacobs, Investment Corporation, and Daniel York University and Co-Chair of Chair, Brave New Films; CED Trustee Rose, Chairman, Rose Associates, CED’s Subcommittee on International Harold Williams, President Emeritus, Inc. These three men served as co- Education and Foreign Language J. Paul Getty Trust; and CED Trustee chairs of the CED Early Education Studies. John C. Siciliano, Partner, Grail Subcommittee that produced the Partners, LLC. policy statement. In addition, the May 17 – Washington, D.C. forum included a panel discus- June 7 – Chicago, IL Release of Open Standards, Open sion with Donna Desrochers, Vice Source, and Open Innovation: CED’s Culture of Corruption President & Director of Education Harnessing the Benefits of Openness. Luncheon Forum featured Illinois Studies, CED; Noel Epstein, author CED’s Digital Connections Council Attorney General Lisa Madigan and & former Education Editor at The (DCC) prepared the report on open- Illinois Comptroller Daniel Hynes. Washington Post; and Sara Watson, ness in the digital economy. CED CED Trustee Ronald Grzywinski, Senior Program Officer, State Policy established the DCC, a group of Chairman & President, ShoreBank Initiatives, The Pew Charitable Trusts. information technology experts from Corporation, hosted the event. September 19 – New York, NY CED-affiliated companies, to advise CED on the policy issues associated June 28 – Memphis, TN Global Poverty Luncheon with CED with the digital economy and emerg- Release Event for The Economic Trustee Jacob Worenklein, Chief ing technologies. CED Trustee Paul Promise of Investing in High-Quality Executive Officer. US Power Generating Horn, Senior Vice President, Research, Preschool: Using Early Education to Company. IBM, chairs the DCC. Elliot Maxwell, a Improve Economic Growth and the September 25 – Milwaukee, WI key advisor on digital economy issues Fiscal Sustainability of States and in the Clinton Administration, serves the Nation. CED hosted the forum at Early Education Summit. CED, along as project director. the FedEx Institute of Technology at with 33 sponsors, hosted an economic May 23-24 – New York, NY The University of Memphis. It featured development summit focusing on in- remarks from Tennessee Governor vestments in young children. The sum- 2006 Annual Awards Dinner hon- Phil Bredesen; Dr. Shirley Raines, mit attracted over 170 local and state ored The Coca-Cola Company and President, University of Memphis; business, policy, and education leaders. Neville Isdell, Chairman, Board of Daniel Rose, Chairman, Rose Speakers included Roberta Gassman,

20 CED Annual Report 2006 Selected CED Events – 2006

Secretary, Wisconsin Department November 9 – Washington, D.C. November 14 – Washington, D.C. of Workforce Development; CED Trustee Jeff Joerres, Chairman, Release of the “Making Washington The Economic Promise of Investing CEO & President, Manpower Inc.; Work” Statements. Days after the in Pre-Kindergarten for All Luncheon Wisconsin Governor Jim Doyle; 2006 mid-term elections, CED con- Forum. CED, Pre K for All DC, SPARK Daniel Pedersen, President, Buffett vened a forum to release two policy DC and the Georgetown Children’s Early Childhood Fund; Helen Johnson- statements on “Making Washington House Endowment co-sponsored Leipold, Chairman & CEO, Johnson Work.” Eighty-two CED Trustees were the forum which attracted over 100 Outdoors Inc., and Chairman, Johnson members of the subcommittee that local business, civic, and education Financial Group; Dennis Mueller, Vice prepared the statements . The sub- leaders. CED also released an issue President, Gas Operations, Quanta committee will engage in a yearlong brief on Financing Public Preschool Services, Inc.; and Sister Joel Read, effort to understand why the political Programs: Current Practices and Future Education Committee Chair, Greater process in Washington, D.C., is failing Possibilities. Speakers at the luncheon Milwaukee Committee. and to propose and advocate policies included Michael Harreld, President, and/or laws that can make the system PNC Bank, Greater Washington Area; October 12 – Washington, D.C. work. The luncheon featured panel- Carol Day, Incoming President, ists Ramesh Ponnuru, Senior Editor, National Black Child Development Release of The MetLife Survey The National Review; Thomas Mann, Institute (NBCDI); Terrence Golden, of the American Teacher, 2006: Senior Fellow, Governance Studies, Chairman, Federal City Council & Expectations and Experiences. Over The Brookings Institution; and CED Co-Chair, Pre K for All DC; Barbara 150 educational professionals, poli- Co-Chair Roderick Hills, Partner, Hills, Kamara, Administrator, Washington, cymakers, and high school students Stern & Morley LLP, and former SEC D.C. Early Care and Education attended the luncheon. The event Chairman. Administration; Barbara Lang, examined the state of the profession President & CEO, DC Chamber of at key points throughout the teacher’s November 13 – Kansas City, MO Commerce; Ed Lazere, Executive career lifecycle, from preparation in Director, DC Fiscal Policy Institute; college and graduate school, to experi- CED hosted the Why a Fair and Impartial Judiciary Matters to the Michael Petro, Vice President, CED; ences in the nation’s K-12 schools. The Isabel Sawhill, Senior Fellow, The program included keynote remarks Business Community luncheon in partnership with Justice at Stake in Brookings Institution; and Carrie from Henry Johnson, U.S. Assistant Thornhill, At-Large Member, Board of Secretary, Elementary and Secondary Kansas City, Missouri. CED Trustee and Chairman of EverGlades Financial, Education of the District of Columbia Education. Additional speakers at & Co-Chair, Pre K for All DC. the luncheon included Humphrey Landon Rowland, and Chief Justice Taylor, Chairman, The Harris Poll; Michael A. Wolff of the Supreme December 4 – Phoenix, AZ Charles Kolb, President, CED; Sibyl Court of Missouri delivered keynote re- Jacobson, President & CEO, MetLife marks on the importance of protecting CED and Justice for All co-sponsored Foundation; James Fernandez, the Missouri Plan from political attacks the Courts Under Attack: Defending Principal, Albert Einstein High School; as seen in neighboring states. Other An Independent Judiciary Luncheon Dr. Arthur Wise, President, National speakers included Patrick McLarney, Forum. Speakers at the event included Council for Accreditation of Teacher President, Kansas City Metro Bar retired Associate Justice Sandra Day Education (NCATE); Dacia Sewell, Association; Bert Brandenburg, O’Connor; Charles Kolb, President, Teacher, Albert Einstein High School; Executive Director, Justice at Stake; CED; Bert Brandenburg, Executive Dr. Virginia Roach, Chair, Department Michael Petro, Vice President, Director, Justice at Stake; Sally Rider, of Educational Leadership, George CED; Dana Tippin Cutler, Standing Director, The William H. Rehnquist Washington University; and Kendrick Committee on Judicial Independence, Center on the Constitutional Structures Mcleod, Senior, Albert Einstein High American Bar Association; the of Government, University of Arizona School. Honorable Richard D. Greene, Kansas College of Law; Chief Justice Ruth Court of Appeals; and Jeffrey Roe, McGregor, Arizona Supreme Court; October 19-20 – Madrid, Spain Founder & Chief Executive, Axiom and Peter Dunn, Executive Director, Strategies. Justice for All. XX International Conference of Private Business Associations. CED counterparts meeting focused on policies related to the aging workforce.

CED Annual Report 2006 21 2006 Development Report

n 2006, CED led a very aggressive development campaign and met or exceeded its revenue goals. We are also Ipleased to report a strong financial picture for the coming three years, 2007 to 2009. Business Statesmanship remained an important focus of our development, as well as programmatic and outreach efforts, and in 2007 we plan to hold a series of forums across the country to explore the role of CEOs in addressing today’s critical public policy issues.

General Support – CED’s support Trustee Recruitment – CED re- Corporate Governance – This new from corporations, individuals, cruited 21 Trustees to our Board of project addressed “short-termism,” academic institutions, and private Trustees, including the CEOs and/or changes in the corporate environ- foundations remained strong. In senior executives from: The Bank of ment, and the potential conse- 2006, CED led a robust “future- New York; Bennington College; Bio quences and the effects that hedge year” campaign securing significant Ventures; Diamond Management funds and private-equity funds can support in pledges for 2007, 2008, and Technology; Donaldson have on corporate performance. and 2009 from both companies and Enterprises; Drake University; The committee makes practical individuals. Educare Colorado; Ernst & Young; recommendations to relevant actors KPMG; Proskauer Rose; Shell Oil – shareholders, directors, managers, Awards Dinner – The 2006 Company; Society for Human and government policy makers – to Distinguished Performance Awards Resource Management; Southeast improve corporate governance and Dinner was a significant success University; University of Chicago; corporate performance. The project and exceeded its financial goal. The University of North Texas Business began in 2006 with the leadership Distinguished Performance Award School; and XTO Energy. of returning Trustee William H. for Corporate Citizenship was pre- Donaldson. Mr. Donaldson, the for- sented to The Coca-Cola Company We were also pleased to welcome mer Chairman of the U.S. Securities and Neville Isdell, Chairman and Don Peterson, the retired Chairman & Exchange Commission, leads a CEO; the Peter G. Peterson Award for and CEO of Avaya, as the new strong subcommittee which includes Business Statesmanship was pre- Chairman of CED’s Membership representatives from the five largest sented to Andrea Jung, Chairman & Nominating Committee. Don accounting firms, major multi-na- and CEO of Avon; and the Trustee worked closely with CED’s co-chairs tional corporations, and investment Leadership Award was presented to and the Committee members to re- banks. The subcommittee’s work James D. Robinson III, the former cruit a strong group of new Trustees, will continue in 2007 on this and Chairman and CEO of American as well as Subcommittee and other issues. Express. Advisory Council members, in 2006. Health Care – This subcommit- Foundations – In 2006, CED We are also grateful to several of our tee is led by Dr. Jerome Grossman, received major, multi-year project newer Trustees, particularly Sarah a Harvard Senior Fellow and the grants for its work in early educa- Smith of Goldman Sachs and Lenny former President of New England tion, public school finance reform, Mendonca of McKinsey & Co. for Medical Center, and Rob Chess, foreign languages and international their leadership and exceptional Chairman of Nektar Therapeutics, education, campaign finance and work on CED’s recruitment efforts. and directed by Alain C. Enthoven, judicial selection reform, and im- the Marriner S. Eccles Professor migration. Our key funders in- Subcommittee Recruitment – Led by new and dynamic projects of Public & Private Management cluded: Carnegie Corporation of New (retired) at Stanford University. The York; The William & Flora Hewlett addressing Health Care Reform, Corporate Governance, and our Subcommittee undertook an in- Foundation; Knight Foundation; depth analysis of factors that drive Longview Foundation; MetLife signature initiative on “Making Washington Work,” CED gained the up health-care costs, including Foundation; Open Society Institute; regulatory impediments and the lack Stuart Family Foundation; The support and involvement of several major corporations. of responsible choices for workers. Buffett Early Childhood Fund; The It included the participation of many Pew Charitable Trusts; and the W.K. of the country’s largest employers Kellogg Foundation. from the retail and automotive sec- tors.

22 CED Annual Report 2006 2006 Development Report – continued

“Making Washington Work” and Silicon Valley, CA. The Council and community-colleges across the – Designated as CED’s signature also released its second report Open country, and provides them with issue for 2006 by our Co-Chairs, Bo Standards, Open Source Software, our publications, newsletters, issue Cutter and Rod Hills, the “Making and Open Innovation in early briefs, and invitations to meetings. Washington Work” initiative engages 2006. At the same time, the group business leaders with policymakers continued its work on Promoting Looking Forward to 2007 – CED and scholars to explain why extreme Innovation and Economic Growth: The Trustees lead our strategic develop- partisanship is bad for the nation as Special Problem of Digital Intellectual ment efforts and are personally com- a whole, and to show how it can be Property, a paper released earlier. A mitted to ensuring its success. Our replaced by open debate. major effort is underway to broaden network of business and academic representation in the DCC, particu- leaders continues to reach out to This initiative was led by a Steering larly with company representatives their industry and regional col- Committee of CED Trustees, former from information technology compa- leagues, introducing them to CED’s public officials and distinguished nies located in Silicon Valley. work and inviting their participation. experts. The focus for 2007 will be to engage Academic Subscriptions and the country’s business leaders as Advisory Council Recruitment Memberships – In 2006, CED Trustees and Subcommittee mem- – CED continued to broaden com- continued to expand its Associates bers, and involve them in our policy pany representation through the Subscription Program. Through programs addressing Health Care Digital Connections Council. The this program, CED communicates Reform, Corporate Governance, the DCC met several times in 2006, on a regular basis with subscribers political process in Washington, and alternating between New York City from major universities, colleges, Digital Openness.

NEW TRUSTEES Elected in 2006

Stephen E. Allis William H. Donaldson John M. Liftin Partner in Charge of Government Affairs Chairman Vice Chairman, General Counsel, and Secretary KPMG LLP Donaldson Enterprises The Bank of New York

Randy J. Braud Christopher D. Earl David Maxwell US Country Controller President and CEO President Shell Oil Company BIO Ventures for Global Health Drake University

Beth Brooke Allen I. Fagin William J. McDonough Global Vice Chair, Strategy, Communications, Chairman Vice Chairman and Special Advisor to the and Regulatory Affairs Proskauer Rose LLP Chairman Ernst & Young, LLP Merrill Lynch & Co., Inc. Patrick Ford Gerhard Casper President and CEO Susan R. Meisinger President Emeritus Burson-Marsteller USA President and Chief Executive Officer Peter & Helen Bing Professor in Undergraduate Society for Human Resource Management Education Adam Gutstein Stanford University Chief Executive Officer Avid Modjtabai Diamond Management & Technology Executive Vice President and Chief Information Elizabeth Coleman Consultants, Inc. Officer President Wells Fargo & Co. Bennington College Charlene Drew Jarvis President Vaughn O. Vennerberg Kathleen Cooper Southeastern University Senior Vice President and Chief of Staff Dean, College of Business Administration XTO Energy University of North Texas Kakutaro Kitashiro Chairman KenNETH W. Dam IBM Japan Max Pam Professor Emeritus of American & Foreign Law and Senior Lecturer Yotaro Kobayashi University of Chicago Law School Senior Corporate Advisor and Former Chairman Fuji Xerox

CED Annual Report 2006 23 CED New Trustee Profile

CED Welcomes Former New York Fed and Public Company Accounting Oversight Board Head William J. McDonough as Trustee William J. McDonough, the former president of the Federal Reserve Bank of New York and former chairman of the Public Company Account- ing Oversight Board (PCAOB), was elected a CED Trustee in 2006. Mr. McDonough is now vice chairman and special advisor to the chairman at Merrill Lynch Company. He is responsible for assisting senior management in the company’s business development efforts with governments and financial institutions. Prior to becoming a CED Trustee, William McDonough (center) spoke on corporate governance issues at an April 2004 CED luncheon. He is From 2003 to 2005, William McDonough served seen at that event with CED President Charles Kolb (left) and CED Co- as the first chairman of the Public Company Chair Roderick Hills. Accounting Oversight Board (PCAOB), a private- sector, not-for-profit corporation created by the Sarbanes-Oxley Act of 2002 to oversee auditors of public companies. The PCAOB is a government-affiliated oversight body that sets standards for accounting firms, monitors their work and Before joining the New York Fed, Mr. McDonough served as an oversees enforcement of applicable laws. In the advisor to several domestic and international organizations. role of chairman, Mr. McDonough led a five-mem- He retired from First Chicago Corp. and its bank, First Na- ber board that oversaw the establishment of a tional Bank of Chicago, in 1989 after a 22-year career with the 400-person staff; the adoption of new auditing company, serving as vice chairman from 1986 to 1989. Before standards; improvements in industry practices, that, Mr. McDonough was with the U.S. State Department from and the extension of many of those practices 1961 to 1967, and served in the U.S. Navy from 1956 to 1961. internationally. Mr. McDonough earned a masters degree in economics from Prior to heading the PCAOB, Mr. McDonough Georgetown University in Washington, D.C., and a bachelors was the eighth president of the Federal Reserve degree, also in economics, from Holy Cross College in Worces- Bank of New York from 1993 to 2003. During ter, Massachusetts. that period, he served as the vice chairman and a CED was honored to have William McDonough, in his role as permanent member of the Federal Open Market Chairman of the Public Company Accounting Oversight Board, Committee, the group responsible for formulat- address guests and representatives from our Japanese counter- ing the nation’s monetary policy. Mr. McDonough part, Keizai Doyukai, at an April 2004 meeting focused on cor- also was a member of the Board of Directors of porate governance. We now welcome him as a Trustee, where the Bank for International Settlements and chair- his deep knowledge of American business, our economy, and man of the Basel Committee on Banking Supervi- our capital markets, will vastly inform CED’s work. sion. During his tenure at the New York Fed, Mr. McDonough was credited with playing a key role in efforts to preserve liquidity in the financial markets after the attacks of September 11, 2001, and was instrumental in successful efforts to recapitalize Long Term Capital Management after its 1997 financial problems.

24 CED Annual Report 2006 CED New Trustee Profile

Avid Modjtabai, Executive Vice President, Chief Information Officer Wells Fargo & Company In 2006, the Committee for Economic Development wel- comed new CED Trustee Avid Modjtabai. Ms. Modjtabai is the Executive Vice President and Chief Information Officer of Wells Fargo, N.A. She is responsible for most of the core technology activities of the company, including infrastructure for computing services and connectivity services environments, application development, Corporate Information Security and Business Continuity Planning, enterprise business service and information management development, enterprise architec- ture, monitoring, change control, and problem management.

A 14-year veteran of Wells Fargo, Ms. Modjtabai most recently headed Corporate Human Resources, developing and imple- menting people strategies to support Wells Fargo’s business Avid Modjtabai, Executive Vice President, Chief Information Officer objectives, as well as the management of compensation and Wells Fargo & Company benefits, human resource service centers, systems and payroll, finance, team member relations and assistance, talent management, learning and development and diversity for over 160,000 Wells Fargo team members.

Prior to serving as Director of Human Resources, Ms. Modj- Ms. Modjtabai’s Wells Fargo career has also tabai was Executive Vice President and Director of Internet included management positions in Consumer Services, where she helped Wells Fargo become the leading Deposits, the Investment Group and she was a se- provider of online financial services through managing con- nior consultant in Corporate Strategy. She joined sumer investment and small business internet services. The Wells Fargo from McKinsey & Company, where online division has created revenues from sales through the she focused on strategy initiatives in financial online channel, improved retention, increased cross-sell and services. accelerated online channel usage. During her tenure, Wells- fargo.com was ranked as the #1 Internet Bank by Watchfire She was named as one of the “Most Powerful GomezPro and the Best Consumer Internet Bank in the indus- Women in Banking” by U.S. Banker and one of try by Global Finance. the “100 Most Influential Women in Bay Area Business” by the San Francisco Business Times. She was also head of Wells Fargo’s Online Personal Financial Services, including both the consumer and the online broker- She received a B.S. in industrial engineering from age services, and served as head of the Enterprise Internet Stanford University and an MBA in finance from Services Group, responsible for customer experience on Wells- Columbia University. fargo.com.

CED Annual Report 2006 25 CED Supporters

CED is grateful to its supporters for their generous contributions and grants, which enable us to pursue a dynamic agenda, focused on today’s most significant economic and social issues. The list below represents CED’s major supporters.

$50,000 and over Daniel Rose Society for Human Resource Toyota Motor North America, Inc. Management Avaya Inc. Tudor Investment Corporation Sony Corporation of America Avon Products, Inc. Warburg Pincus LLC Tenet Healthcare Corporation Bristol-Myers Squibb Company Weil, Gotshal & Manges LLP Grant Thornton Ernst & Young LLP Wells Fargo TIAA-CREF General Electric Company Josh S. Weston US Power Generating Company, LLC Guardsmark, LLC Wyeth Jacob Worenklein McKinsey & Company, Inc. XTO Energy Inc. Xerox Corporation Merck & Co., Inc. Yahoo! YRC Regional Transportation Peter G. Peterson Pfizer Inc. $10,000 to $19,999 $5,000 to $9,999 PricewaterhouseCoopers LLP State Farm Insurance Companies Allen & Company Incorporated Paul A. Allaire The Coca-Cola Company American Asset Corporation Anheuser-Busch Companies Inc. American Express Company Arnof Family Foundation $20,000 to $49,999 Automatic Data Processing, Inc. Roy Ash Biogen Idec Peter A. Benoliel American International Group, Inc. Burson-Marsteller Frank C. Carlucci Bausch & Lomb Inc. CGI-AMS, Inc. Ferdinand Colloredo-Mansfeld The Blackstone Group Citigroup Inc. Consolidated Edison Co. of NY, Inc. Roy J. Bostock Daiwa Securities America Cross Atlantic Capital Partners The Boston Consulting Group, Inc. Diller-Von Furstenberg Family Diamond Management and Technology Caterpillar Inc. Foundation Consultants Chevron Corporation Duke University William H. Donaldson The Chubb Corporation Educational Testing Service Joseph and Claire Flom DaimlerChrysler Corporation ExxonMobil Corporation Harry Freeman Deloitte & Touche LLP FedEx Corporation Gentiva Health Services Delta Air Lines, Inc. Edmund B. Fitzgerald GlaxoSmithKline Frank P. Doyle Global Insight, Inc. Alfred Goldstein Robert H. Dugger Greenbriar Equity Group Patrick W. Gross General Mills, Inc. Grossman Family Foundation H. E. Butt Grocery Company General Motors Corporation Hills, Stern & Morley, LLP Harman International Industries, Inc. Goldman Sachs Group Inc. Himalaya Management HSBC - North America Great Plains Energy Services Johnson & Johnson Edward A. Kangas HCA-Health Care of America Kaiser Foundation Health Plan, Inc James W. McKee IBM Corporation Manpower Inc. Harvey R. Miller J.P. Morgan Chase & Co. MediaVest Corporation Munger, Tolles & Olson LLP KPMG Northwestern Mutual Nektar Therapeutics The Lanier Law Firm P.C Novell Inc. Quaker Chemical Corporation Merrill Lynch & Co., Inc. Ogilvy & Mather Randolph Foundation MetLife Inc. Overseas Shipholding Group, Inc. Regal Cinemas, Inc. Morgan Stanley Pacific Life Insurance Company Searle Family Trust PNC Financial Services Group, Inc. Rensselaer Polytechnic Institute Skadden, Arps, Slate, Meagher & Flom Proskauer Rose LLP Landon H. Rowland LLP Prudential Financial RRE Ventures The Steak n Shake Company Publicis Schering-Plough Corporation Stone Family Foundation Reform Institute Inc. Shell Oil Company United Auto Group, Inc.

26 CED Annual Report 2006 CED Supporters

$2,500 to $4,999 Gadsden State Community College T. Rowe Price Associates, Inc. General Atlantic LLC University of Alabama, Tuscaloosa AMC Theaters George Washington University University of Connecticut Amelior Foundation Georgia Deptartment of Technical & University of Miami Alan Belzer Adult Education University of Minnesota Castle Harlan, Inc. Granite Broadcasting Corporation University of North Carolina - CIT Group, Inc. Granite Construction Inc. Wilmington Claremont McKenna College Richard W. Hanselman The University of Texas at El Paso T.J. Dermot Dunphy Hearst Magazines Vanderbilt University Earl G. Graves Publishing Co., Inc. Hayne Hipp James L. Vincent Christopher D. Earl Holborn Corporation Frank Vogl William Eberle The Hubbard Broadcasting Foundation Sidney J. Weinberg Matthew Fink IGA, INC. Jeffery Weinberger GG Capital, LLC Indiana University Purdue University Western Wisconsin Technical College Goldberg Family Foundation Indianapolis (IUPUI) Michael W. Wickham Holt Family Foundation Intermountain Gas Company Harold Williams Kildare Enterprises, LLC Robert K. Johnson Robert C. Winters Lehman Brothers Inc. Robert L. Joss Wolfe Associates, Inc. The Richard E. Jacobs Group Kent State University Library E.B. Robinson Maria Elena Lagomasino Project Funders Scarbroughs Lam Research Corporation Shure Incorporated Leviton Manufacturing Company, Inc. Carnegie Corporation of New York Young & Rubicam Inc. William W. Lewis The William & Flora Hewlett Foundation LKM Ventures, LLC Knight Foundation $2,499 and under Bruce MacLaury Longview Foundation Cecilia Martinez MetLife Foundation Adelphi University Oscar G. Mayer Open Society Institute Atlantic Health System John F. McGillicuddy Stuart Family Foundation Atlas Material Testing Technology LLC Robert Mercer The Buffett Early Childhood Fund Avenir Group, Inc. Miami Dade College The Pew Charitable Trusts Deborah Hicks Bailey Michigan State University W.K. Kellogg Foundation Becton Dickinson and Company Matthew Nimetz Belz Enterprises Ron Olson Endowments John Brademas Pace University Randy J. Braud Carol Parry The Roy L. Ash Program in American Bridges Learning Systems, Inc. Victor A. Pelson Governance (given by Mr. Ash) Dennis Brown Pennsylvania State System of California State University, Fresno Higher Education The Owen B. Butler Program in Carl H. Pfozheimer & Co. LLC Todd Petzel Education Studies (given by Daiwa Central Bancompany Doug Price Securities Co., Ltd.) Hugh M. Chapman Hugh B. Price A.W. “Tom” Clausen Procter & Gamble Company The Edmund B. Fitzgerald Program in Columbia University Ned Regan International Studies (given by Northern Country Insurance and Financial James Q. Riordan Telecom) Services Ralph S. Saul Dartmouth College ShoreBank Corporation The Philip M. Klutznick Program in Robert E. Denham John C. Siciliano Urban Studies (given by Mr. Klutznick) The Dickson Foundation Inc. Southeastern University Irwin Dorros Myron Sponder The Philip D. Reed Program in Energy Thomas J. Eyerman Alan G. Spoon and the Environment (given by the Federal Reserve Bank of Philadelphia James D. Staley Philip D. Reed Foundation) Alan Friedman The Stanley Group

CED Annual Report 2006 27 CED TRUSTEES

Co-Chairs Bruce K. MacLaury Alan Belzer President Emeritus President & Chief Operating Officer (Retired) W. Bowman Cutter The Brookings Institution Allied Signal Managing Director Warburg Pincus LLC Steffen E. Palko Derek C. Bok Vice Chairman & President (Retired) Interim President Roderick M. Hills XTO Energy Harvard University Chairman Hills, Stern & Morley, LLC Donald K. Peterson Lee C. Bollinger Chairman and CEO (Retired) President Executive Committee Avaya Inc. Columbia University Hugh B. Price, Esq. Stephen W. Bosworth Ian Arnof Senior Fellow, Economic Studies Dean Chairman (Retired) The Brookings Institution Fletcher School of Law and Diplomacy BankOne, Louisiana, N.A. Tufts University Donna Shalala Peter Benoliel President Jack O. Bovender Chairman Emeritus University of Miami Chairman and CEO Quaker Chemical Corporation HCA-Health Care Corporation of America Frederick W. Telling Roy J. Bostock Vice President, Corporate Strategic Planning John Brademas Chairman Pfizer Inc. President Emeritus Sealedge Investments, LLC New York University Josh S. Weston Fletcher L. Byrom Honorary Chairman Randy J. Braud President & CEO Automatic Data Processing, Inc. U.S. Country Controller MICASU Corporation Shell Oil Company Ronald L. Zarrella Frank P. Doyle Chairman and CEO William E. Brock Executive Vice President (Retired) Bausch & Lomb Founder and Senior Partner General Electric Company The Brock Group

Edmund B. Fitzgerald Board of Trustees Beth Brooke Chairman and CEO (Retired) Global Vice Chair, Strategy, Communications Nortel Networks Kent M. Adams President & Regulatory Affairs Ernst & Young, LLP Joseph Gantz Caterpillar Inc. Partner Robert H. Bruininks GG Capital, LLC Paul A. Allaire Chairman (Retired) President University of Minnesota Patrick W. Gross Xerox Corporation Chairman Donald R. Caldwell The Lovell Group. Stephen E. Allis Partner in Charge of Government Affairs Chairman & Chief Executive Officer Cross Atlantic Capital Partners Steven Gunby KPMG LLP Chairman, The Americas & Senior Vice Herbert M. Allison David A. Caputo President President The Boston Consulting Group, Inc. Chairman, President and CEO TIAA-CREF Pace University James A. Johnson Countess Maria Beatrice Arco Gerhard Casper Vice Chairman President Emeritus, Peter & Helen Bing Perseus Capital Partner American Asset Corporation Professor in Undergraduate Education Stanford University Thomas J. Klutznick Deborah Hicks Bailey President Raymond G. Chambers Thomas J. Klutznick Co. Chairman and CEO Solon Group, Inc. Chairman of the Board (Retired) Amelior Foundation Charles E.M. Kolb Edward N. Basha, Jr. President Robert B. Chess Committee for Economic Development Chief Executive Officer Basha Grocery Stores Chairman Nektar Therapeutics William W. Lewis Nadine Basha Director Emeritus Michael Chesser McKinsey Global Institute Chair Arizona Early Childhood Development and Chairman, President & CEO Health Board Great Plains Energy Services

28 CED Annual Report 2006 CED TRUSTEES

Carolyn Chin John J. DeGioia Harry Freeman Chairman and Chief Executive Officer President Chairman Cebiz Georgetown University The Mark Twain Institute

John L. Clendenin Samuel A. DiPiazza Mitchell S. Fromstein Chairman (Retired) Global Chief Executive Officer Chairman Emeritus BellSouth Corporation PricewaterhouseCoopers LLP Manpower Inc.

Elizabeth Coleman Linda M. Distlerath, Ph.D Cono R. Fusco President Vice President, Global Health Policy Managing Partner - Strategic Relationships Bennington College Merck & Co., Inc. Grant Thornton, LLP

Ferdinand Colloredo-Mansfeld William H. Donaldson Pamela B. Gann Partner Chairman President Cabot Properties, LLC Donaldson Enterprises Claremont McKenna College

George H. Conrades Irwin Dorros E. Gordon Gee Chairman and Chief Executive Officer President Chancellor Akamai Technologies Inc. Dorros Associates Vanderbilt University

Kathleen B. Cooper Robert H. Dugger Thomas P. Gerrity Dean, College of Business Administration Managing Director Joseph J. Aresty Professor University of North Texas Tudor Investment Corporation Professor of Management The Wharton School of the University of David M. Cote T. J. Dermot Dunphy Pennsylvania Chairman and CEO Chairman Honeywell International Inc. Kildare Enterprises, LLC Alan B. Gilman Chairman David Crane Christopher D. Earl, Ph.D The Steak n Shake Company President and CEO President and CEO NRG Energy, Inc. BIO Ventures for Global Health Carol R. Goldberg President Stephen A. Crane W.D. Eberle The AvCar Group, Ltd. Chairman Chairman Insurance and Re-insurance Strategies Manchester Associates, Ltd. Alfred G. Goldstein President and Chief Executive Officer Dennis C. Cuneo Stuart E. Eizenstat AG Associates Counsel Partner and Head of International Practice Arent Fox Covington & Burling Joseph T. Gorman Chairman and CEO (Retired) W. Bowman Cutter Robert A. Essner TRW Inc. Managing Director Chairman, President and CEO Warburg Pincus LLC Wyeth Earl G. Graves Chairman and Publisher Kenneth W. Dam Allen I. Fagin Earl G. Graves Publishing Co., Inc. Max Pam Professor Emeritus of American & Chairman Foreign Law & Senior Lecturer Proskauer Rose LLP Gerald Greenwald University of Chicago Law School Chairman Diana Farrell Greenbriar Equity Group Paul Danos Director, McKinsey Global Institute Dean, The Amos Tuck School of Business McKinsey & Company, Inc. Barbara B. Grogan Dartmouth College Founder Kathleen Feldstein Western Industrial Contractors Ronald R. Davenport President Chairman of the Board Economics Studies, Inc. Jerome H. Grossman Sheridan Broadcasting Corporation Senior Fellow Trevor Fetter Kennedy School Health Care Delivery Project Richard H. Davis President and CEO Harvard University Partner Tenet Healthcare Corporation Davis Manafort, Inc. Ronald Grzywinski Matthew Fink Chairman Richard J. Davis President (Retired) ShoreBank Corporation Senior Partner Investment Company Institute Weil, Gotshal & Manges LLP Adam J. Gutstein Patrick Ford Chief Executive Officer President and CEO, USA Diamond Management & Technology Burson-Marsteller Consultants, Inc.

CED Annual Report 2006 29 CED TRUSTEES

Judith H. Hamilton Pres Kabacoff Colette Mahoney Chairman and CEO (Retired) Chief Executive Officer President Emeritus Classroom Connect HRI Properties Marymount Manhattan College

William Haseltine Robert Kahn Ellen R. Marram President Director, Country Risk Management President Haseltine Associates Citigroup Inc. Barnegat Group LLC

Richard H. Hersh Edward A. Kangas Cecilia Martinez Former President Global Chairman and CEO (Retired) Executive Director Trinity College Deloitte Touche Tohmatsu The Reform Institute

Heather R. Higgins Joseph E. Kasputys David Maxwell President Chairman, President and CEO President Randolph Foundation Global Insight, Inc. Drake University

Roderick M. Hills, Esq. William E. Kirwan T. Allan McArtor Partner Chancellor Chairman Hills, Stern & Morley, LLP University System of Maryland Airbus of North America, Inc.

Hayne Hipp Kakutaro Kitashiro Alonzo L. McDonald Chairman and CEO (Retired) Chairman Chairman and Chief Executive Officer The Liberty Corporation IBM Japan Avenir Group, Inc.

John Hoffmeister Yotaro Kobayashi William J. McDonough President Senior Corporate Advisor and Former Chairman Vice Chairman and Special Advisor Shell Oil Company Fuji Xerox to the Chairman Merrill Lynch & Co., Inc. Paul M. Horn Thomas F. Lamb, Jr. Senior Vice President, Research Senior Vice President, Government Affairs David E. McKinney IBM Corporation PNC Financial Services Group, Inc. Vice Chair Thomas J. Watson Foundation Philip K. Howard, Esq. Kurt M. Landgraf Partner, Senior Corporate Advisor, President & CEO Susan R. Meisinger and Strategist Educational Testing Service President and Chief Executive Officer Covington & Burling Society for Human Resource Management W. Mark Lanier, Esq. Shirley Ann Jackson Partner Lenny Mendonca President The Lanier Law Firm P.C. Chairman, McKinsey Global Institute Rensselaer Polytechnic Institute McKinsey & Company, Inc. Rick A. Lazio Charlene Drew Jarvis Executive Vice President, Global Government Alan G. Merten President Relations & Public Policy President Southeastern University J.P. Morgan Chase & Co. George Mason University

William C. Jennings Robert G. Liberatore Harvey R. Miller, Esq. Chairman Group Senior Vice President Managing Director US Interactive, Inc. Global External Affairs and Public Policy Greenhill & Co., LLC DaimlerChrysler Corporation Jeffrey A. Joerres Alfred T. Mockett Chairman and CEO John Liftin Chairman & CEO Manpower Inc. Vice Chairman, General Counsel & Secretary Motive, Inc. The Bank of New York L. Oakley Johnson Avid Modjtabai Senior Vice President, Corporate Affairs Ira A. Lipman Executive Vice President and American International Group, Inc. Founder and Chairman Chief Information Officer Guardsmark, LLC Wells Fargo & Co. Van E. Jolissaint Corporate Economist John C. Loomis G. Mustafa Mohatarem DaimlerChrysler Corporation Vice President, Human Resources Chief Economist General Electric Company General Motors Corporation Robert L. Joss Dean, Graduate School of Business Li Lu Nicholas G. Moore Stanford University President Senior Counsel and Director Himalaya Management Bechtel Group, Inc.

30 CED Annual Report 2006 CED TRUSTEES

Donna S. Morea James D. Robinson III Ian D. Spatz President, U.S. Operations & India Partner Vice President, Public Policy CGI – AMS, Inc. RRE Ventures Merck & Co., Inc.

James C. Mullen James E. Rohr Steven Specker President and CEO Chairman and CEO Chairman and Chief Executive Officer Biogen Idec Inc. PNC Financial Services Group, Inc. Electric Power Research Institute

Diana S. Natalicio Roy Romer Alan G. Spoon President Superintendent of Schools (Retired) Managing General Partner The University of Texas at El Paso LA Unified School District Polaris Venture Partners

Matthew Nimetz Daniel Rose James D. Staley Managing Partner Chairman President and CEO General Atlantic LLC Rose Associates, Inc. YRC Regional Transportation

Dean R. O’Hare Landon H. Rowland Paula Stern Chairman and CEO, (Retired) Chairman Chairwoman The Chubb Corporation EverGlades Financial The Stern Group, Inc.

Ronald L. Olson Neil L. Rudenstine Donald M. Stewart Partner Chair, ArtStor Advisory Board Professor Munger, Tolles & Olson LLP Andrew W. Mellon Foundation The University of Chicago

M. Michel Orban George E. Rupp Roger W. Stone Partner President Chairman RRE Ventures International Rescue Committee Roger and Susan Stone Family Foundation

Jerry Parrott Edward B. Rust Matthew J. Stover V.P., Corporate Communications Chairman and CEO Chairman & Public Policy State Farm Insurance Companies LKM Ventures, LLC Human Genome Sciences, Inc. Arthur F. Ryan Lawrence H. Summers Carol J. Parry President, Chairman and CEO Managing Director President Prudential Financial Shaw & Co., L.P. Corporate Social Responsibility Associates Charles W. Eliot University Professor Bertram L. Scott Harvard University Victor A. Pelson President, TIAA-CREF Life Insurance Company Senior Advisor TIAA-CREF Henry Tang UBS Securities LLC Governor John E. Sexton Committee of 100 Peter G. Peterson President Senior Chairman New York University James A. Thomson The Blackstone Group President and Chief Executive Officer Walter H. Shorenstein RAND Todd E. Petzel Chairman of the Board Managing Director and Chief Investment Officer Shorenstein Company LLC Stephen Joel Trachtenberg Azimuth Trust Management, LLC President George P. Shultz George Washington University Doug Price Distinguished Fellow Founder The Hoover Institution Tallman Trask, III Educare Colorado Executive Vice President John C. Siciliano Duke University George A. Ranney, Jr. Partner President and CEO Grail Partners LLC Vaughn O. Vennerberg Chicago Metropolis 2020 Senior Vice President and Chief of Staff Frederick W. Smith XTO Energy Inc. Ned Regan Chairman, President and CEO University Professor FedEx Corporation Robert J. Vilhauer The City University of New York Vice President, Public Policy & Analysis Sarah G. Smith The Boeing Company E.B. Robinson, Jr. Chief Accounting Officer Chairman (Retired) Goldman Sachs Group Inc. James L. Vincent Deposit Gurantee Corporation Chairman (Retired) Biogen Inc.

CED Annual Report 2006 31 CED TRUSTEES

Frank Vogl Linda Smith Wilson Kurt E. Yeager President President Emerita President Emeritus Vogl Communications Radcliffe College Electric Power Research Institute

Donald C. Waite Margaret S. Wilson Ronald L. Zarrella Director Chairman and CEO Chairman and CEO McKinsey & Company, Inc. Scarbroughs Bausch & Lomb Inc.

Jerry D. Weast H. Lake Wise Steven Zatkin Superintendent of Schools Executive Vice President and Chief Legal Officer Senior Vice President, Government Relations Montgomery County Public Schools Daiwa Securities America Inc. Kaiser Foundation Health Plan, Inc.

Harold M. Williams Jacob J. Worenklein, Esq. Edward J. Zore President Emeritus Chief Executive Officer President and CEO Getty Trust US Power Generating Company, LLC Northwestern Mutual

CED HONORARY TRUSTEES

Ray C. Adam Hugh M. Chapman Thomas J. Eyerman Retired Chairman Retired Partner Robert O. Anderson Nations Bank of Georgia Skidmore, Owings & Merrill Retired Chairman Hondo Oil & Gas Company E. H. Clark, Jr. Don C. Frisbee Chairman and Chief Executive Officer Chairman Emeritus Roy L. Ash The Friendship Group PacifiCorp Retired Chairman Litton Industries A. W. Clausen Richard L. Gelb Retired Chairman and Chief Executive Officer Chairman Emeritus Robert H. Baldwin Bank of America Bristol-Myers Squibb Company Retired Chairman Morgan Stanley Douglas D. Danforth W. H. K. George Executive Associates Retired Chairman George F. Bennett ALCOA Chairman Emeritus John H. Daniels State Street Investment Trust Retired Chairman and CEO Walter B. Gerken Archer Daniels Midland Company Retired Chairman & Chief Executive Officer Harold H. Bennett Pacific Investment Management Co. Ralph P. Davidson Jack F. Bennett Retired Chairman Lincoln Gordon Retired Senior Vice President Time Inc. Former President ExxonMobil Corporation Johns Hopkins University Alfred C. DeCrane, Jr. Howard Blauvelt Retired Chairman John D. Gray Texaco Corporation Chairman Emeritus Alan S. Boyd Hartmarx Corporation Retired Vice Chairman Robert R. Dockson Airbus Industrie North America Chairman Emeritus John R. Hall CalFed, Inc. Retired Chairman Andrew F. Brimmer Ashland Inc. President Lyle J. Everingham Brimmer & Company, Inc. Retired Chairman Richard W. Hanselman The Kroger Co. Chairman Philip Caldwell Forward Air Corporation Retired Chairman Ford Motor Company

32 CED Annual Report 2006 CED HONORARY TRUSTEES

Robert S. Hatfield J. W. McSwiney William M. Roth Retired Chairman Retired Chairman of the Board The Continental Group MeadWestvaco Corporation The Honorable William Ruder Former US Assistant Secretary of Commerce Philip M. Hawley Robert E. Mercer Retired Chairman of the Board Retired Chairman Ralph S. Saul Carter Hawley Hale Stores, Inc. The Goodyear Tire & Rubber Company Retired Chairman of the Board CIGNA Corporation Robert C. Holland Ruben F. Mettler Senior Fellow Retired Chairman and Chief Executive Officer George A. Schaefer The Wharton School of the University of TRW, Inc. Retired Chairman of the Board Pennsylvania Caterpillar Inc. Lee L. Morgan Leon C. Holt, Jr. Retired Chairman of the Board Robert G. Schwartz Retired Vice Chairman and Chief Administrative Caterpillar Inc. Officer Mark Shepherd, Jr. Air Products and Chemicals, Inc. Robert R. Nathan Retired Chairman Chairman Texas Instruments Incorporated Sol Hurwitz Nathan Associates Retired President Rocco C. Siciliano Committee for Economic Development James J. O’Connor Retired Chairman and Chief Executive Officer Elmer B. Staats George F. James Exelon Corporation Former Controller General of the United States

David T. Kearns Leif H. Olsen Frank Stanton Chairman Emeritus Chairman Retired President New American Schools Development LHO Group CBS Corporation Corporation Norma Pace Edger B. Stern, Jr. George M. Keller President Chairman of the Board Retired Chairman of the Board Paper Analytics Associates Royal Street Corporation Chevron Corporation Charles W. Parry Alaxander L. Stott Franklin A. Lindsay Retired Chairman Wayne E. Thompson Retired Chairman ALCOA Itek Corporation Retired Chairman William R. Pearce Merritt Peralta Medical Center Robert W. Lundeen Director Thomas A. Vanderslice Retired Chariman American Express Mutual Funds The Dow Chemical Company John H. Perkins Sidney J. Weinberg, Jr. Richard B. Madden Retired President Senior Director Retired Chairman and Chief Executive Officer Continental Illinois National Bank and Trust Goldman Sachs Group Inc. Potlatch Corporation Company Clifton R. Wharton, Jr. Augustine R. Marusi Dean P. Phypers Former Chairman and CEO Retired Chairman Retired Chief Financial Officer TIAA-CREF Borden Inc. IBM Corporation Dolores D. Wharton William F. May Robert M. Price Former Chariman and CEO Former Chairman and CEO Retired Chairman and Chief Executive Officer The Fund for Corporate Initiatives Statue of Liberty-Ellis Island Foundation Control Data Corporation Robert C. Winters Oscar G. Mayer James J. Renier Chairman Emeritus Retired Chariman Retired Chairman and CEO Prudential Financial Oscar Mayer & Co. Honeywell Inc. Richard D. Wood John F. McGillicuddy James Q. Riordan Retired Chief Executive Officer Retired Chairman and Chief Executive Officer Chairman Eli Lilly and Company J.P. Morgan Chase & Co. Quentin Partners co. Charles J. Zwick James W. McKee, Jr. Ian M. Rolland Retired Chairman Retired Chairman and Chief Executive Officer CPC International, Inc. Lincoln National Corporation

Champney A. McNair Axel G. Rosin Retired Vice Chairman Retired Chairman Trust Company of Georgia Book-of-the-Month Club, Inc.

CED Annual Report 2006 33 CED RESEARCH ADVISORY BOARD

Anthony Corrado Douglas Holtz-Eakin William D. Nordhaus Charles A. Dana Professor of Government Director, Maurice R. Greenberg Center for Sterling Professor of Economics Colby College Geoeconomic Studies Cowles Foundation Paul A. Volcker Chair in International Economics Yale University Alain C. Enthoven Council on Foreign Relations Marriner S. Eccles Professor. of Public John L. Palmer & Private Management Helen Ladd University Professor and Dean Emeritus Stanford University Professor of Economics The Maxwell School Graduate School of Business Duke University Syracuse University

Benjamin M. Friedman Robert E. Litan Rudolph Penner William Joseph Maier Professor of Political Vice President, Research & Policy Arjay and Frances Miller Chair in Public Policy Economy Ewing Marion Kauffman Foundation The Urban Institute Harvard University Zanny Minton-Beddoes Hal Varian Robert Hahn Washington Economics Correspondent Professor, Haas School of Business Executive Director The Economist University of California Berkeley AEI-Brookings Joint Center

DIGITAL CONNECTIONS COUNCIL

Council Chair: Chandra Gnanasambandam Kara LaPierre Associate Principal Director, Economic Vitality Paul M. Horn McKinsey & Company Silicon Valley Leadership Group Senior Vice President, Research and Development Daniel J. Greenwood Donna Morea IBM Corporation Lecturer President, U.S. and India MIT Media Lab CGI-AMS Members: Patrick W. Gross Bob Obee Mark F. Bregman Chairman Chief Information Officer Senior Vice President and Chief Evangelist The Lovell Group YRC Regional Transportation Symantec Corporation Babak Hedayati Lars Rabbe Michelle Dennedy Senior Vice President, Technology Chief Information Officer Chief Privacy Officer Cypress Semiconductor Yahoo! Sun Microsystems Brian Hernacki Matthew J. Stover Katie Desmond Internet Security Chairman Bay Area Government Affairs Manager Symantec Corporation LKM Ventures, LLC Hewlett-Packard Richard Howard Deborah Traskell Irwin Dorros Program Manager (Retired) Vice President, Enterprise Technology Office President Lucent Technologies Inc. State Farm Insurance Company Dorros Associates Larry Jackel Chris Wu Andy Ellis Program Manager Open Educational Resource Fellow Chief SecurityOfficer DARPA Institute for the Study of Knowledge Akamai Technologies Inc. Management in Education John Kolb Reginald Foster Vice President and Chief Information Officer Project Director: Managing Director Rensselaer Polytechnic Institute Northstar Global Partners Elliot Maxwell Campbell Langdon Chief Strategist Jonathan Fox Corporate Vice President, Strategic Development eMaxwell & Associates Senior Manager, Privacy Governance Automatic Data Processing, Inc. Sun Microsystems

34 CED Annual Report 2006 CED STAFF

CHARLES E.M. KOLB President

Research Development

JOSEPH J. MINARIK MARTHA E. HOULE Senior Vice President and Director of Research Vice President for Development and Secretary of the Board of Trustees

JANET HANSEN Vice President and Director of Education Studies RICHARD M. RODERO Director of Development

ELLIOT SCHWARTZ Vice President and Director of Economic Studies KATIE McCALLUM Senior Associate, Development

VAN DOORN OOMS Senior Fellow Finance and Administration

LAURIE LEE MATTHEW SCHURIN Chief Financial Officer and Vice President of Research Associate Finance and Administration

DAPHNE McCURDY ANDRINE COLEMAN Research Associate Accounting Manager

JULIE KALISHMAN JERI McLAUGHLIN Research Associate Executive Assistant to the President

Communications/Government Relations CHARLES CASE Director of Information Technology MICHAEL J. PETRO Vice President and Director of Business and Government Relations and Chief of Staff AMANDA TURNER Director of Administration

MORGAN BROMAN JANVIER RICHARDS Director of Communications Accounting Associate

ZACHARY SCHWARTZ Outreach Associate

AMY MORSE Communications and Outreach Associate

ROBIN SAMERS Director of Trustee Relations

JEANNETTE KOLLING Director of Foundation Relations

CED Annual Report 2006 35 CED Counterpart Organizations

Close relations exist between the Committee for Economic Development and independent, nonpolitical research organizations in other countries. Such counterpart groups are composed of business executives and scholars and have objectives similar to those of CED, which they pursue by similar- ly objective methods. CED cooperates with these organizations on research and study projects of common interest to the various countries concerned. This program has resulted in a number of joint policy statements involving such international matters as energy, assistance to developing countries, and the reduction of nontariff barriers to trade.

CE Circulo de Empresarios Madrid, Spain

CEAL Consejo Empresario de America Latina Buenos Aires, Argentina

CEDA Committee for Economic Development of Australia Sydney, Australia

CIRD China Institute for Reform and Development Hainan, People’s Republic of China

EVA Centre for Finnish Business and Policy Studies Helsinki, Finland

FAE Forum de Administradores de Empresas Lisbon, Portugal

IDEP Institut de l’Entreprise Paris, France

IW Institut der deutschen Wirtschaft Koeln Cologne, Germany Committee for Economic Development Keizai Doyukai Tokyo, Japan 2000 L Street N.W. Suite 700 Washington, D.C. 20036 SMO Stichting Maatschappij en Onderneming 202-296-5860 Main Number The Netherlands 202-223-0776 Fax 1-800-676-7353

SNS Studieförbundet Naringsliv och Samhälle Stockholm, Sweden www.ced.org