Pursuant to Section 407 of Sarbanes-Oxley, public companies will be required to annually disclose whether they have at least one "audit committee financial expert" on their audit committee, and if so, to disclose the name of that expert and whether the expert is independent of management.

The rules define an "audit committee financial expert" as a person who has an understanding of financial statements and GAAP; has experience preparing, auditing or analyzing financial statements; has an understanding of internal controls and procedures for financial reporting; and has an understanding of audit committee functions.

Companies that do not have an audit committee financial expert will be required to disclose this fact and explain why they have no such expert.

This week in Datamining, we look at recent filings related to this topic; specifically, we identify common disclosure wording used by companies to disclose that they do, do not, or soon will have an audit committee financial expert:

Company

Form, Date

Wording

Links

NO AUDIT COMMITTEE FINANCIAL EXPERT

First McMinnville Corp.

DEF 14A, 03/13/03

The Audit Committee has not at this time designated a "financial expert" as that term is used in the Sarbanes-Oxley Act of 2002. The Board is considering the issues related to and the ramifications of such as designation. In addition, rules have only recently been issued by the Securities and Exchange Commission concerning financial experts, which rules are being studied by the Board. The Board may elect to designate a financial expert at any time.

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Public Service Enterprise Group

DEF 14A, 03/10/03

Board of Directors has not yet designated any members as Audit Committee Financial Experts under the rules of the SEC adopted in January 2003, which will be effective later in the year. The Board will consider this matter during 2003 as a part of its ongoing governance review.

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Mellon Financial

DEF 14A, 03/07/03

The Corporation is currently reviewing the Securities and Exchange Commission’s new rule on disclosure of the existence and identity of a financial expert on the Audit Committee that will not become effective until later this year. At this time the Corporation has not completed its review of this new rule.

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Capital Bancorp

DEF 14A, 03/7/03

The Audit Committee has not at this time designated a “ financial expert” as that term is used in the Sarbanes-Oxley Act of 2002. The Board is considering the issues related to and the ramifications of such as designation. In addition, rules have only recently been issued by the Securities and Exchange Commission concerning financial experts, which rules are being studied by the Board. The Board may elect to designate a financial expert at any time.

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Lennar Corp.

PRE 14A, 02/21/03

Our Board has not yet determined that any of those

persons is an audit committee financial expert, as that term is defined in rules

adopted by the SEC in January 2003.

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First Real Estate Investment Trust of New Jersey

DEF 14A, 02/28/03

Based

on its review of the criteria of an Audit Committee Financial Expert under the

rule adopted by the SEC, the Board of Trustees does not believe that either

member of the Trust's Audit Committee would be described as an Audit Committee

Financial Expert.

Download Filing

INTERMET

DEF 14A, 03/12/03

The Company believes that at least one member of the Audit Committee will qualify as a financial expert as defined in requirements that will become applicable in the future.

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EXEMPT FROM DISCLOSURE REQUIREMENT

Alabama Power Company

PRE 14C, 03/4/03

Based on the SEC's Proposed Rule: Standards Relating to Listed

Company Audit Committees, the Company would be exempt from the audit committee

requirements set forth in Section 301 of the Sarbanes-Oxley Act and, therefore,

would not be required to have an audit committee or an audit committee report on

whether it has an audit committee financial expert. The Company will continue to

monitor all actions taken by the SEC and the NYSE and will amend, to the extent

necessary, the standards, disclosures and charters applicable to the board, its

committees and the Company as a whole as final rules impacting the Company are

adopted and become effective.

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HAVE AN AUDIT COMMITTEE FINANCIAL EXPERT

NCR Corp.

DEF 14A, 03/13/03

All three of the Audit Committee members are independent and financially literate as determined by the board under applicable SEC and New York Stock Exchange (“NYSE”) standards. In addition, the board has determined that Mr. Boykin is an “ audit committee financial expert,” as defined under new SEC regulations, who is independent of management of the Company. The board is also seeking to add another “ audit committee financial expert” to the Audit Committee.

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General Electric

DEF 14A, 03/11/03

The audit committee of our board of directors is comprised of the seven directors named below. Each member of the committee is an independent director as defined by the proposed New York Stock Exchange rules. In addition, our board of directors has determined that Robert J. Swieringa, as defined by SEC rules, is both independent and an audit committee financial expert.

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Pfizer

PRE 14A, 02/28/03

All of our current Audit Committee members—Mr. Burt, Mr. Cornwell, Mr. Howell, Mr. Kamen and Dr. Vallès—are audit committee financial experts.

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Kimberly Clark

DEF 14A, 03/11/03

The Board

has determined that Mr. Beresford satisfies the requirements for an "audit

committee financial expert" under the rules and regulations of the Securities

and Exchange Commission and that he can effectively serve on the Audit Committee

notwithstanding his commitments to three other audit committees on which he

serves.

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Haggar

DEF 14A, 03/04/03

While an " audit committee financial expert" is not currently required to be on the Audit Committee, the Board has determined that Mr. Thomas satisfies the requirements for an " audit committee financial expert" and has designated Mr. Thomas as the Company's audit committee financial expert.

Download Filing

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