Governance:

Corporate Governance & Administration

NatLUST will essentially function as a financing entity. Consequently, it will have few, if any, direct employees. NatLUST's day-to-day activities will be administered by Commonwealth Acceptance, which will be responsible for performing the same duties as with Virginia's VRA Program. Commonwealth Acceptance will report to NatLUST's board of directors.

It is anticipated that NatLUST’s board will likely include LUST fund administrators and/or other officials from participating states, representatives from the major petroleum industry associations, and persons with specific knowledge of LUST fund issues.

An “Advisory Committee” comprised of the following individuals have agreed to provide guidance:

  • Darrell Hill, Chairman – Mr. Hill is the Executive Director of the Virginia Resources Authority , a political subdivision of the Commonwealth of Virginia created to help alleviate and address the need for additional sources of funding to finance the present and future needs of the Commonwealth of Virginia. VRA has the power to borrow money and to issue tax-exempt bonds in order to carry out any of its purposes and powers as it may deem necessary or convenient. Since its creation 19 years ago, VRA has financed more than $2 billion of projects throughout the Commonwealth of Virginia. Prior to his appointment by Governor Warner, Mr. Hill was an investment banker who specialized in financing Virginia municipal governments.
  • Elizabeth Lamp, Vice Chairman – Ms. Lamp is the Financial Programs Manager for Virginia's Department of Environmental Quality , where among other things, she is responsible for managing Virginia's Petroleum Fund reimbursement program. Ms. Lamp was actively involved in the creation of the VRA Program, and was responsible for integrating it into the DEQ's claims processing department, thereby providing a seamless transition for Virginia's participants.
  • Michaela Brockmann - Ms. Brockmann is the Executive Director of the Rhode Island Underground Storage Tank Financial Responsibility Fund Review Board, and is responsible for managing the state's reimbursement program. Ms. Brockmann is also a member of ASTSWMO's State Fund Task Force.
  • Lindsay Trittipoe – Principal, Commonwealth Acceptance, LLC., a Richmond based capital markets firm. Commonwealth Acceptance was actively involved in the creation of Virginia's VRA Accelerated Payment Program, and was selected by VRA to administer the program. Mr. Trittipoe has over 20 years of capital markets experience.
  • Cindy Williams – President, Williams & Ross , a national LUST claims administration firm based in Boca Raton, Florida. Williams & Ross administers the claims for many large petroleum marketers.
  • Michael O'Connor – President, the Virginia Petroleum, Convenience & Grocery Association , PMAA's Virginia affiliate. Mr. O'Connor was involved in the creation of Virginia's VRA Program, which is used by many of VPCGA's members.
  • To-Be-Announced – Additional industry and/or LUST fund heads will likely be added in coming months.