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Private Company Council Adds Munich Re’s Surety Head, Reappoints Chair

Denise Lugo  Editor, Accounting and Compliance Alert

Denise Lugo  Editor, Accounting and Compliance Alert

The Financial Accounting Foundation (FAF) on August 24, 2021, said Candace Wright was reappointed to a third term as chair of the Private Company Council (PCC), a panel that works with the FASB to simplify U.S. GAAP for private companies.

Wright, a director with Louisiana-based accounting and business advisory firm Postlethwaite & Netterville, was first appointed to the PCC in 2015 for a three-year term. She was reappointed to a second three-year term in 2018. Her third term will begin on January 1, 2022.

The FAF also appointed David Pesce, head of surety at Munich Re Specialty Insurance, to the PCC effective January 1, the organization announced. Pesce has over 30 years of experience in the surety field and is a frequent speaker on issues related to the construction industry. He will succeed David Lomax whose second and final term on the PCC will end in December.

The FAF is the trustee body with oversight responsibility of the FASB and the GASB and their respective advisory bodies.

Vermont’s Treasurer New Chair of GASAC

Separately, Vermont State’s treasurer Elizabeth Pearce will succeed Robert Scott as chair of the Governmental accounting Standards Advisory Council (GASAC) when his term ends in December, the FAF said. She will take up the post on January 1.

Pearce was elected to a fourth term as the state of Vermont’s treasurer in November 2016. She is the state’s banker and investment officer. In her role, she manages short and long-term debt, the administration of three retirement systems, unclaimed property funds, and plays an advisory role to state policy makers.

The GASAC is responsible for consulting with the GASB on technical issues on the board’s agenda, project priorities, selection and organization of task forces, and other matters. The council has more than 25 members who are broadly representative of preparers, attestors, and users of financial information.

 

This article originally appeared in the August 25, 2021 edition of Accounting & Compliance Alert, available on Checkpoint.

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