NEWS RELEASE 11/26/12

FAF Applauds Departing SEC Chair Mary Schapiro as Champion of Investors

Norwalk, CT, November 26, 2012—The Board of Trustees of the Financial Accounting Foundation (FAF), the oversight body of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB), today issued the following statement regarding the decision of U.S. Securities and Exchange Commission Chairman Mary L. Schapiro to step down, effective Dec. 14. The statement should be attributed to FAF Board Chairman Jeffrey J. Diermeier.

“In her nearly four years as chairman of the SEC, Mary Schapiro has acted as a strong champion of the interests of investors and the independence of the accounting standard-setting process. The Board of Trustees of the Financial Accounting Foundation is grateful for her leadership and service. We wish her the best in her next endeavor and look forward to working with Commissioner Elisse Walter in her new role as SEC chairman.”

About the Financial Accounting Foundation

The FAF is responsible for the oversight, administration, and finances of both the Financial Accounting Standards Board and its counterpart for state and local government, the Governmental Accounting Standards Board. The FAF also is responsible for selecting the members of both Boards and their respective Advisory Councils.