F. William McNabb III, the former CEO and chairman of Vanguard Group, will chair the new committee, with Jeanette Franzel, a former member of the Public Company Accounting Oversight Board, and Charles Noski, a former CFO at Bank of America, Northrop Grumman and AT&T as the other members.
The independent committee will not monitor the firm’s activities.
“It is helpful to have the perspective of these experts,” said Kelly Grier, Ernst & Young’s U.S. chairman and managing partner. “They will have unfettered access to all aspects of the firm.”
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