Patricia Frobes

Patricia Frobes

Class of 2007

Board Service:
Zions Bancorporation Board of Directors (bank holding company with bank subsidiaries in 9 western
states, including Texas and California, $50 billion in total assets, NASDAQ) (2003-current)
o Chair, Risk Oversight Committee
Responsibilities include:
o Oversee, evaluate and recommend changes to policies related to risk
management throughout the Bank, including risk appetite statement
and framework
o Monitor implementation of enterprise risk management policies and
o Oversee and evaluate capital planning and stress testing
o Monitor results of examination by bank regulatory authorities and outside auditors
o Oversee Director of Credit Examination (direct report to Chair of
o Member, Compensation Committee and Executive Committee
o Past Chair, Credit Review Committee
o Past Member, Nominating and Governance Committee

Kennecott Land Company Independent Advisory Board (5 members) (wholly-owned
subsidiary of Rio Tinto Ltd. (NYSE) and the largest landowner in Utah’s Salt Lake
valley. Kennecott Land has no other board of directors.) (2001-2008)

Board advises Rio Tinto senior management on:
o Alternative business models for the development and operation of different
product lines (e.g., residential, retail, commercial
o Selection, and periodic evaluation, of Kennecott Land senior management
o Development of the company from a small ‘start-up’ operation to a profitable
developer of master planned communities
o Strategy for insuring development of public infrastructure necessary to
maximize the value of Kennecott land assets
o Strategy for entitling 100,000 acres of undeveloped land

Professional Background:
The Irvine Company LLC, Group Senior Vice President for Legal Affairs, Risk
Management and Internal Audit and Corporate Secretary (largest U.S developer of master
planned communities; one of the largest owner/operators of U.S. commercial properties,
with over 3000 employees; privately held, but governed by an independent board of
directors of national prominence.) (2003-2007)
o Corporate secretary to the independent Board of Directors and management
liaison to the Audit Committee. Working with Board and committee chairs,
developed Board, Executive Committee and Audit Committee agendas and
presentations; one of limited number of senior managers to actively participate
in Board and Committee deliberations
o Chief risk officer, responsible for all legal, risk management, compliance and
internal audit activity
o Successfully integrated business continuity planning into the day-to-day
operations and long term planning of the Company; created a testable
business continuity plan designed to mitigate the effect of a range of crises
and quickly return the Company to normal operations
o Oversaw the Company’s risk transfer strategy, including the placement of
a complex program of property and liability insurance
o Created captive insurance company and implemented a strategy for
insuring and re-insuring catastrophic risk through the captive
o Developed enterprise-wide processes for maintaining compliance with
legal and regulatory requirements affecting all aspects of the Company,
including financial covenants and rating agency requirements, human
resources, information technology, property operations, residential
community development and sale and environmental regulations
o One of a four person senior management team that developed and
implemented a governance, finance and tax strategy that insures continuity
of the enterprise in private form in perpetuity.
O’Melveny & Myers, Vice Chair (international law firm with over 1000 lawyers) (2000-2003)
o Member, 3-person management team that, in the first 12 months in office:
o Increased firm revenues by over 25% and profits per partner by over 33%.
o Restructured law firm’s governance structure, compensation systems and practice group structure and
developed a new strategic direction for the firm
o Chair, Strategic Planning Committee, developed and implemented innovations
in the pricing and delivery of legal services and identified new practice and
geographic areas in which the firm successfully expanded
o Responsible for identifying merger and acquisition candidates in key
practice and geographic areas, including New York, northern California and London.
o Successfully negotiated the acquisition of 100 lawyer New York firm, O’Sullivan LLP, and led the integration of the
O’Sullivan firm into O’Melveny, including the integration of practice groups, IT human
resources, billing and accounting practices
o Oversaw the expansion of the firm’s practice in all non-domestic offices,
including London, Tokyo, Hong Kong, Shanghai and Beijing. Created a
Joint Enterprise with a Tokyo law firm, doubling the size of the Tokyo office

o Chair, Lateral Partner Committee, responsible for identifying and evaluating
all lateral partner candidates
o Responsible for crisis management and oversight of public relations firm, Hill
& Knowlton
o Co-chair, Diversity Task Force

O’Melveny & Myers, Chair, Real Estate and Natural Resources Department (70 lawyer
practice group located in 5 offices on the east and west coasts of the United Sates) (1995-
o Responsible for the department’s financial performance, evaluation of
individual partner performance, annual partner compensation and
recommendation of nominees for partnership consideration
o First person in firm management to require partners to develop annual
business plans and to hold partners accountable for achieving the objectives
set forth in the annual plans
o During tenure, number of partners increased by 50%
O’Melveny & Myers, member, Management, New Partner and Compensation
Committees (1993-2000)

Pat is also a prominent real estate lawyer. With over 25 years of experience
representing lenders, borrowers, investors, owners and operators of real estate assets, Pat
has a deep understanding of the real estate industry, the real estate financial markets and
the market forces that shape the industry. She is a member of the American College of
Real Estate Lawyers and chaired the Real Property Section of the California State Bar.
She has been named one of the “Best Lawyers in California” in each of the last five
years, one of the “Top 50 Female Lawyers in Southern California” in 2004 and one of the
“Best Lawyers in America” in 2002. She has written extensively in the area of real estate
finance and is a frequent lecturer for ALI-ABA, the Practicing Law Institute and
California Continuing Education of the Bar.

Prior to joining O’Melveny, Pat clerked for the Chief Judge of the Federal District
Court for the District of Utah. She graduated first in her class from the University of
Utah Law School in 1978 and was awarded Order of the Coif.