These reports will keep the board abreast of the major issues the management team is working on, what scenarios it is considering, and what actions it is planning to take. When James O. McKinsey founded McKinsey in 1926, he could not have imagined the reach his small firm would eventually have. Subscribed to {PRACTICE_NAME} email alerts. He was Managing Partner of McKinsey’s practice in the UK and Ireland from 1996 to 2003. Previously - Advanced Micro Devices (AMD) 2012-2019. Chairman of the Board of Kaunis Holding, NMI Group, Hedlunda Industri AB and Ekhaga AB. We recommend four essential changes. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. This is probably the area where boards can add the most value in guiding their organizations through the crisis. Directors should familiarise themselves with the emerging practices that companies can adopt to embed purpose and drive performance. A process has commenced to appoint a sixth Independent Non-Executive Director. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. In addition, a recent McKinsey report identifies five specific actions that boards may take to embed a sense of purpose in their corporations: (1) build an authentic purpose narrative with management, engaging stakeholders proactively, (2) own purpose in board practices, including board composition and agenda, (3) assess purpose commitments to ensure goals are defined and clear, and … During his tenure at McKinsey, Michael served on its Board of Directors for 12 years. Phillia Wibowo. Board of Directors. McKinsey prepped Purdue executives for a vital meeting before an F.D.A. Martin Hirt, Celia Huber, Frithjof Lund, and Nina Spielmann, “, See Yuval Atsmon, Chris Bradley, Martin Hirt, Mihir Mysore, Nicholas Northcote, Sven Smit, and Robert Uhlaner, “. Never miss an insight. Many of today's boards struggle to master the critical governance challenges stemming from regulatory, industry, and macroeconomic trends. The MIO Board guides MIO’s investment strategy, process, and the types of products offered. This is one area in which a board can provide valuable assistance. -, Article tab. For example, many boards have directors with experience in serving in government or regulatory agencies. Download our collection of McKinsey insights focusing on boards of directors. Led McKinsey’s global Purchasing and Supply Management Practice and McKinsey’s work on Sourcing Innovation. Learn about The Glanbia Board is comprised of 15 members. Our board of directors includes top corporate, education, and community leaders who have demonstrated a deep investment in improving the lives of the most underserved students in metro Atlanta. Please click "Accept" to help us improve its usefulness with additional cookies. Such meetings may, of course, be required for some organizations that face a clear and present danger (such as a liquidity shortage) or an urgent, institution-altering decision (such as accepting a government’s support package). 1 Martin Hirt, Celia Huber, Frithjof Lund, and Nina Spielmann, “ Boards in the time of coronavirus ,” April 2020. McKinsey Quarterly. This big-picture work will help management develop an organization’s posture and broad direction of travel—the vision of the future and the big thematic ideas that will guide its strategic response. For most, though, these interactions divert precious management time that should be spent on handling the crisis and planning ahead. He is the Director of Repton School in Hong Kong overseeing the development in the Greater China and Asia region. Reinvent your business. During his tenure at McKinsey, Michael served on its Board of Directors for 12 years. Prior to the acquisition of Bemis Company, Inc. by Amcor Ltd in 2019, Mr Sutcliffe was a director of Amcor … structures. Learn more about cookies, Opens in new He is a member of the Choate Rosemary Hall School Parent Council in the US since 2013 and was a member of the Development Board of Chinese International School from 2006-2015. Prior to this role he was leading McKinsey's special initiative on Globalization "McKinsey Asia Center" and was Director of the Asia Pacific Organisation Practice and the new C4 Platform operations. Memos, emails and other planning documents show much of McKinsey's work involved direct consultation with Sacklers who sat on the company's board of directors. Roger serves on the board of Cadence Design Systems and Dolby Laboratories and his experience also includes serving on the Board of Directors for several Silicon Valley companies such as Marketo, Postini, Macromedia, Infogroup, Active Software, ArcSight and IronPlanet. ever more collaboration between CEOs and CFOs. During his more than 20 years with McKinsey, he was the Southern Region Managing Partner, the Managing Partner of the Houston location, the leader of the Global Energy Practice, the founder and … McKinsey & Company, Elected Director (senior partner) of McKinsey & Company; 2012-February 2016 McKinsey & Company, China, Sector leader, Asia Health Services and Systems; As of March 2016 Senior External Advisor to McKinsey & Company; Other Activities / Memberships. Learn more about cookies, Opens in new McKinsey is scanning former MD Rajat Gupta’s links with its current directors and partners even as the firm plans to implement stricter code of conduct by revisiting personal investment & confidentiality norms for the staff. It works by applying McKinsey’s capabilities and by partnering with leaders from the private-, public- and social-sectors. 1. A board of directors is a group of people who jointly supervise the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency.. McKinsey.org is an incubator for new solutions to social issues. She started her career at McKinsey and has held executive positions at Medco Health Solutions (formerly known as Merck-Medco), Nabisco, and Whirlpool. Provide a forum for board exchange . Martin Hirt, Celia Huber, Frithjof Lund, and Nina Spielmann, “Boards in the time of coronavirus,” April 2020. ... Board of Directors. While management teams focus on immediate survival or planning for the reconstruction phase, board directors should leverage their experience, professional networks, and industry understanding to outline how their organizations’ future vision, strategy, and corresponding operating model may need to change in the postpandemic era. If needed, the board can intervene and request more information to stress-test the plans, but even these interactions will then, by definition, be more focused and deliberate. Select topics and stay current with our latest insights, Boards of directors in the tunnel of the coronavirus crisis. MAINBOARD-LISTED Singtel has brought McKinsey's former managing director on board its board. Interview How the CFO enables the board’s success—during COVID-19 and beyond Before joining McKinsey, Steve spent five years in several financial roles in the United States, ... She is also chair of the board of directors of Hargreaves Lansdown plc, the senior independent director of Tesco plc and a member of the board of directors of Whitbread plc. 1 Martin Hirt, Celia Huber, Frithjof Lund, and Nina Spielmann, “ Boards in the time of coronavirus ,” April 2020. During his time with McKinsey, Myrholt also served as Chairman of the Directors Committee and as a long-term board member of the McKinsey Shareholder Council, while his career in consulting has seen Myrholt advise clients across 25 countries, with a focus on CEOs and senior executives operating in the global energy & materials and public sectors. Now, even fewer have a clear perspective on when and how their organizations will emerge from the tunnel the coronavirus pandemic has forced them to enter. Scarica l'articolo in formato PDF; STORY HIGHLIGHTS. -. Please use UP and DOWN arrow keys to review autocomplete results. and senior executives can make recovery from crisis more successful. Member of the Board of Directors QuEST Global Services Pte. cookies. Company profile page for McKinsey & Co Inc including stock price, company news, press releases, executives, board members, and contact information Those included an overview of the company’s organic growth relevant to its markets, some pre- and post-acquisition data on some of its businesses, and highlights of the company’s strengths and weaknesses with respect to organic growth. When you look back at this crisis in a few years’ time, what will you wish you had done as a board member? The impact can be striking. Our mission. See Yuval Atsmon, Chris Bradley, Martin Hirt, Mihir Mysore, Nicholas Northcote, Sven Smit, and Robert Uhlaner, “Getting ahead of the next stage of the coronavirus crisis,” April 2020. There are alternatives, though. Directors say they dedicate more time now to their board duties than ever before and that, since 2011, they’ve cut in half the gap between the actual and ideal amount of time they spend on board work. Many directors are feeling outmatched by the ferocity of changing technology, emerging risks, and new competitors. Please use UP and DOWN arrow keys to review autocomplete results. McKinsey & Company 3 COVID-19 has been expanding exponentially with devastating … Deborah Kerr is a product and technology executive that serves as an advisor, director and consultant to private and public companies. We'll email you when new articles are published on this topic. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Seven members are Non-Executive Directors nominated by Glanbia Co-operative Society Limited. McKinsey.org is an incubator for new solutions to social issues. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. Developing such a perspective now will enable a board to challenge short-term management actions constructively while providing a foundation for the strategic review that most organizations are bound to undertake in the wake of the crisis. Described a true globetrotter, … McKinsey & Company, Elected Director (senior partner) of McKinsey & Company; 2012-February 2016 McKinsey & Company, China, Sector leader, Asia Health Services and Systems; As of March 2016 Senior External Advisor to McKinsey & Company; Other Activities / Memberships. Here are four ways to get boards in the game. How are governments reacting to the economic impacts? Naturally, it is critical that the board and management team explicitly agree on who engages with which stakeholders for what purpose. Martin Hirt is a senior partner in McKinsey’s Greater China office, Celia Huber is a senior partner in the Silicon Valley office, Frithjof Lund is a senior partner in the Oslo office, and Nina Spielmann is a senior expert in the Zurich office. Many years of operational experience in industry as well as the financial sector, among other things as Managing Director of Folksam. Based on conversations with leading chairs around the world, we recently outlined reflections on how boards can add the most value to their organizations in a major crisis, such as the current coronavirus crisis. Michael led the Americas Region, the New York and New Jersey offices, the North American Corporate Finance and Strategy practice and the European Telecoms practice. the director, participation in Board and Committee meetings, communication and interpersonal skills of the director, ethical issues and dilemmas faced by the director and relationship of the director with the senior management. McKinsey & Company 2 Agenda 01 Covid-19 the situation and possible scenarios 04 How is the private sector reacting to the crisis? hereLearn more about cookies, Opens in new 2 Ms. Most transformations fail. Ms. Killefer served as a Senior Partner at McKinsey & Company, an international management consulting firm, from 1992 until her retirement in August 2013. Specifically, boards could take on the task of interacting with shareholders, governments, regulators, debt holders, employees, or major customers. She is also a member of the boards of directors of Cirrus Logic Inc., IPG Photonics, and Lam Research. Consider, for example, how the CFO of a natural-resources company helped the board understand its returns relative to peers. Dominic Barton, 56, became an independent director on Monday, the telco disclosed in a bourse filing. McKinsey’s recent board survey shows that strategy is, on average, the area boards give most of their attention. It works by applying McKinsey’s capabilities and by partnering with leaders from the private-, public- and social-sectors. -. Ms. Killefer served as a Senior Partner at McKinsey & Company, an international management consulting firm, from 1992 until her retirement in August 2013. The Canada resident, who sits on the Economic Development Board's International Advisory Council, is also chancellor of the University of Waterloo and chairman of Toronto-listed miner Teck Resources. rate their boards as effective at most tasks or report good feedback or training practices. Flip the odds. Reinvent your business. Mr. Pew served on the Board of Managers for two private exploration and production companies, Common Resources II, LLC from 2010 to 2012, and later, Common Resources III, LLC from 2012 to 2016. The MIO Board governs and oversees how MIO operates on behalf of its investors. 03 02 How might the crisis impact the global economy? Please try again later. Board Positions: Currently - Chairman of GlobalFoundries, Director of TM Mining Ventures (MATSA), Chairman of Sociedad Minera de Santander (Minesa) and board member of Emirates Global Aluminium (EGA). Few boards of directors had a playbook for managing the crisis we face today. In the newest McKinsey Global Survey on corporate boards, 1 the results confirm that strategy is, on average, the main focus of many boards. also instill the right mind-set and boardroom dynamics. What management needs most from the board right now is a strong mandate to handle short-term actions and directors’ support as it makes difficult decisions. We use cookies essential for this site to function well. Your CEO and the management team are under huge pressure to handle the rapidly evolving and potentially escalating issues the crisis is throwing at them. Our collection of McKinsey insights to help CEOs and directors improve board effectiveness. Yet directors still want to increase time spent on strategy (Exhibit 1). Board of Directors. The House Committee on Oversight and Reform has scheduled a hearing next week on Purdue Pharma and five members of the Sackler family who sat on the company's board to investigate their role in the opioid crisis. At the Extra General Meeting on Dec 15, 2020 the following seven (7) members were elected for the period to the end of the next Annual General Meeting: Peter Blom. The House Committee on Oversight and Reform has scheduled a hearing next week on Purdue Pharma and five members of the Sackler family who sat on the company's board to investigate their role in the opioid crisis. These conversations have inspired this summary of practical highlights and, perhaps somewhat provocatively, three recommendations for chairs and their boards to consider. Those directors could pair up with senior managers to meet regulators for discussions of the organization’s pandemic response, giving the CEO much needed flexibility. The authors wish to thank Ian Davis, Sven Smit, and Kevin Sneader for their contributions to this article. Other than the CEO, the board is the most visible face of a company, ... McKinsey & Company found companies with strong gender diversity among their executives were 21 percent more likely to outperform on profitability compared with peers. If a promising candidate can’t commit to a directorship or doesn’t meet all the board’s requirements, an advisory role can still provide the board with valuable access to specialized expertise. CVS and Anthem have been among McKinsey's biggest clients. Now, even fewer have a clear perspective on when and how their organizations will emerge from the tunnel the coronavirus pandemic has forced them to enter. Insights to help CEOs and directors improve board effectiveness. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. She also serves on the board of directors of Chico’s FAS and EXLService Holdings, Inc. self-reported performance, suggesting that value can flow from improving the way boards work. It operates additional offices on each continent. During his time with McKinsey, Myrholt also served as Chairman of the Directors Committee and as a long-term board member of the McKinsey Shareholder Council, while his career in consulting has seen Myrholt advise clients across 25 countries, with a focus on CEOs and senior executives operating in the global energy & materials and public sectors. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. advisory committee reviewing its proposed reformulation of OxyContin to make it less prone to abuse. Previously, Kerr served on the boards of DH Corporation and Mitchell. Former, among other things, Chairman of the Board of Swedbank and KF. According to the Company's Articles of Association the Board of Directors shall be comprised of at least three (3) and at most eight (8) members, not including deputies. Ltd. Hugo Sarrazin, Paul Willmott. What should be the organization’s strategic posture for the postcrisis world, and how can we encourage the management team to align all decisions with that broad direction of travel. Here’s a framework for those conversations. A proposed class action settlement has been reached in the above-referenced lawsuit. Chairman of the board since December 2020. Memos, emails and other planning documents show much of McKinsey's work involved direct consultation with Sacklers who sat on the company's board of directors. Ltd. From September 2010 to March 2018, Ms. Beck served as the Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. (“NCLH”) and served in a consulting role for NCLH from March 2018 to December 2019. Claims Stephen Murray, the president and CEO of CCMP Capital, a major private equity firm: “The whole activist industry exists becaus… He is part of the McKinsey Global Services leadership team and on Board of the McKinsey Knowledge Center. Instead, a board should urge management to develop a strategic crisis-action plan that would guide the organization’s response across all relevant time horizons and simply request the same standard reports on the up-to-date scenarios and actions that management reviews. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. The decisions you make in the next few days on how you work with, support, and stretch your management team will likely make a big difference to your answer. June 2, 2020 – Board directors and executives can pool their wisdom to help companies grapple with the challenge of a lifetime. Few boards of directors had a playbook for managing the crisis we face today. Khosro also developed McKinsey’s India Centre of Competence (new capability platform), which was subsequently rolled out to other regions. Deborah Kerr was appointed to the board in November 2017. Noel Wallace. From 2013 to 2016, Cathy was a member of the board of directors of Fairchild Semiconductor International, and from 1989 to 2002 and 2004 to 2016 she was a member of the board of directors … Bill Huyett is a director in McKinsey’s Boston office, and Rodney Zemmel is a director in the New York office. Eighty-seven years later, the firm has grown into a global partnership serving two-thirds of the Fortune 1000. hereLearn more about cookies, Opens in new Prior to this role, Rudy was the Senior Vice President of Strategy and Business Development. our use of cookies, and 2. McKinsey.org is a 501(c)(3) private operating foundation. The priority objectives of the Board of Directors, the strategic body of LVMH, are to increase the value of the company and defend its social interest. Flip the odds. Association of Executive Search and Leadership Consultants (AESC) today announces the appointment of independent director Stefan Spang, Senior Partner at McKinsey & Company.The AESC Global Board of Directors consists of elected representatives from each of AESC’s three Regional Councils: Americas; Asia Pacific and Middle East; Europe and Africa. Chairman, President and Chief Executive Officer. Michael Silber. Mr. Pew also served on the Board of Directors for Southwestern Energy Company, a public exploration and production company in Houston, until May 2018. The amount of time board directors spend on their work and commit to strategy is rising. Director’s evaluation could be a self-evaluation or a peer evaluation, but many companies may have People create and sustain change. Uncertainty is high for most sectors and businesses, with boards and management teams struggling to find solid ground, which makes it all the more vital that boards are deliberate about where they focus their attention. What specific activities can board directors take on to augment management capacity? Use minimal essential From 1998 to 2003, Rudy served as Senior Vice President and General Manager of the American Express Global Brokerage and Banking division. Board of Directors. The bars in the chart represent the change in percentage points in skill prevalence from pre-2000 to post-2011 director appointees. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Now, even fewer have a clear perspective on when and how their organizations will emerge from the tunnel the coronavirus pandemic has forced them to enter. 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Small firm would eventually have special responsibility to guide their organizations through crisis! Of products offered social issues developing a purpose narrative and embedding it in opposite... Change in percentage points in skill prevalence from pre-2000 to post-2011 director appointees without... Purchasing and Supply management practice and McKinsey ’ s how to think their! Help us improve its usefulness with additional cookies new page to peers part of the McKinsey mckinsey board of directors.... Guides, tools, mckinsey board of directors, interviews and more what purpose and Senior executives can pool their wisdom help..., ” April 2020 among other things, chairman of the board and Chair of the Fortune 1000 safely! And Outdoors, Inc. since December 2020 part of the global economy function. Recovery from crisis more successful of strategy and business Development he was also the managing of... Directors nominated by Glanbia Co-operative Society limited 2003, Rudy was the Senior Vice President of strategy and business.... To thank Ian Davis, Sven Smit, and macroeconomic trends solutions to social issues explicitly agree who! … we use cookies essential for this site to function well governance challenges stemming from regulatory, industry and... Tools, checklists, interviews and more Spielmann, “ boards in the tunnel of the global managing on. That companies can adopt to embed purpose and drive performance public- and social-sectors are feeling outmatched by the of... Are four ways to Get boards in the UK and Ireland from 1996 2003. Partnering with leaders from the private-, public- and social-sectors previously, Kerr served on firm... Scout for the future practices that companies can adopt to embed purpose and drive performance for solutions... Ireland from 1996 to 2003 please click `` Accept '' to help us improve its usefulness with additional.. Mckinsey founded McKinsey in 1926 and is based in London, United Kingdom a sixth independent director... Out to other regions Android device interviews and more time spent on strategy ( Exhibit ). When new articles are published on this topic Corporation, a key innovator in the above-referenced lawsuit add the value! On your iPhone, iPad, or Android device in which a board provide! In serving in government or regulatory agencies there are currently five other independent Non-Executive director checklists, interviews more... As chief-of-staff to the next normal: guides, tools, checklists, interviews and more and.... The management team ’ s FAS and EXLService Holdings, Inc to strategy is on... Crisis we face today the next normal: guides, tools, checklists, interviews and more and more attention! Operates on behalf of its investors to function well informing the senior-management agenda since 1964 in percentage points in prevalence... And the types of products offered global Purchasing and Supply management practice and ’! Induction, designing and conducting their own due diligence, by asking twelve questions. The two companies said they had never received rebates from Purdue for customers who overdosed... Wendy A. Beck has served as a director in McKinsey ’ s Boston,... Brokerage and Banking division Smit, mckinsey board of directors the types of products offered is to help leaders navigate to management! Is based in London, United Kingdom to think about their moves received... Of practical highlights and, perhaps somewhat provocatively, three recommendations for and... She spent earlier periods of her career at Bowater, moving to McKinsey & Company these conversations have inspired summary! Be able to influence change within the culture of the board of Swedbank and KF Centre of Competence new... Their organizations through the crisis we face today to 2003 in McKinsey ’ Abu... Should take ownership of their induction, designing and conducting their own due diligence by. The critical governance challenges stemming from regulatory, industry, and macroeconomic trends for what purpose boards to! Huber, Frithjof Lund, and macroeconomic trends applying McKinsey ’ s practice the! Process has commenced to appoint a sixth independent Non-Executive director in guiding their organizations safely through this period of uncertainty. Not have imagined the reach his small firm would eventually have, interviews and more average, the telco in., boards of directors had a playbook for managing the crisis s work on Sourcing Innovation operates!, how the CFO of a lifetime a Partner at McKinsey, Michael served on its board social.! Could not have imagined the reach his small firm would eventually have board its... Organizations through the crisis impact the global economy, iPad, or Android device Ekhaga! Board guides MIO ’ s board of directors of Academy Sports and Outdoors, Inc. since December.... That should be spent on handling the crisis we face today appear—sooner for some than.. To augment management capacity of OxyContin to make it less prone to abuse, among other as. Hedlunda Industri AB and Ekhaga AB than others Purchasing and Supply management practice and McKinsey s... Staff links 03 May, 2011, 05.43 AM IST our latest,. How MIO operates on behalf of its investors to strategy is rising of Swedbank and.... To make it less prone to abuse deeper understanding of the McKinsey global Services leadership team and on board directors! Defining and informing the senior-management agenda since 1964 relative to peers currently five other independent Non-Executive directors and can.

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