27th Chairman of the Securities and Exchange Commission

Chairman of Donaldson Enterprises

Former Chairman, President and CEO, Aetna

Former Chairman and CEO, New York Stock Exchange

Founding Dean, Professor of Management, Yale University School of Management

Former, U.S. Undersecretary of State

Co Founder, Former Chairman and CEO, Donaldson, Lufkin & Jenrette

William H. Donaldson became the 27th Chairman of the US Securities and Exchange Commission in 2003. As Chairman, Mr. Donaldson oversaw the regulation of US securities markets, ensured compliance with and enforcement of securities laws and, through corporate governance mandates, sought to ensure the protection of investors’ interests. He is currently Chairman of Donaldson Enterprises, a private investment firm.

Under his leadership, the SEC focused on restoring investor confidence through targeted policy reforms including an enhanced focus on corporate governance and ethics, internal management reforms aimed at increasing the agency’s ability to anticipate challenges in the securities and financial markets, and improved disclosure of financial information to better prepare investors to make sound investment decisions appropriate for themselves and their families. The agency’s response to the challenges facing the financial markets during Mr. Donaldson’s tenure marked the greatest period of activity during the agency’s most historic era since its creation in 1934.

Mr. Donaldson arrived at the Commission with more than 40 years of experience working at the highest levels of business, government and academia. He served as Chairman and CEO of the investment banking firm Donaldson, Lufkin & Jenrette (DLJ) which he co-founded; Chairman and CEO of the New York Stock Exchange; and Chairman, President and CEO of Aetna. He was named National Businessman of the Year by the Associated Press in 1970.

Mr. Donaldson helped found the Yale University School of Management, serving as the graduate school’s first dean and professor of management studies. His government service spans five presidential administrations and includes serving as Under Secretary of State to then Secretary of State Henry Kissinger, and Counsel and Special Adviser to Vice President Nelson Rockefeller.

He has been a director of fourteen publicly held corporations and a number of privately held businesses. He has served as Chairman of the Carnegie Endowment for International Peace and on the boards of

numerous philanthropic, arts and educational institutions, among them The Ford Foundation, Lincoln Center for the Performing Arts, The Aspen Institute, The Marine Corps University Foundation and Yale University. He has received a number of honorary degrees and awards

Corporate Governance Bringing his extensive experience in the securities and financial services industries, William Donaldson speaks about the demands for sound corporate governance and ethical leadership in an increasingly complex corporate and regulatory environment. Entrepreneurial Leadership In this speech, Mr. Donaldson outlines a conceptual and practical approach to managerial leadership, defining the power of a “leader/ entrepreneur” vs. a “manager/administrator.” SEC Reforms Mr. Donaldson reflects on the actions of the SEC while he served as Chairman during the agency's most historic era since its creation in 1934. He talks about the Commission’s response to the corporate scandals that eroded investor confidence and the political and corporate efforts that sought to dilute the SEC’s reforms.