Following consultation with the Executive Committee, the 2011 President, Bengt Holmström, decided to set up a Governance Committee to review all aspects of the governance of the Society. The Committee is chaired by Oliver Hart (Harvard University), and the members are Tim Besley (London School of Economics), Hongbin Cai (Peking University), George Mailath (University of Pennsylvania), Rosa Matzkin (UCLA), and Enrique Sentana (CEMFI), with Rafael Repullo (CEMFI) acting as secretary, and Hyun Shin (Princeton University) as observer. The Committee plans to produce initial proposals in the next two months or so and then solicit Fellows' views. After this the Committee will draft a report and submit it to the next meeting of the Executive Committee in August 2012. The final version of the proposals will be put to a vote: as stated in the Constitution, any change in governance must be approved by the Council and ratified by a two-thirds majority of the voting Fellows.