The MIO Board includes independent directors, and current and former McKinsey partners. 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. 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. From January 2010 to September 2013, the number of interventions by activist shareholders (challenges seeking board representation, share buybacks, CEO removal, and the like) increased an astonishing 88%, according to research conducted by Activist Insight for the global law firm Linklaters. Select topics and stay current with our latest insights, Boards of directors in the tunnel of the coronavirus crisis. Download our collection of McKinsey insights focusing on boards of directors. 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. The MIO Board governs and oversees how MIO operates on behalf of its investors. Article During the heat of a crisis, time is precious, and management teams are forced into trade-offs between handling the immediate action plans and communicating with stakeholders. Digital upends old models. Deanna holds a BA from the University of Puget Sound. - McKinsey on Finance, Executive Briefing Most transformations fail. Unleash their potential. 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. 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. During his tenure at McKinsey, Michael served on its Board of Directors for 12 years. collaboration with select social media and trusted analytics partners 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. 1 Martin Hirt, Celia Huber, Frithjof Lund, and Nina Spielmann, “ Boards in the time of coronavirus ,” April 2020. Learn more about cookies, Opens in new 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. Ms. Killefer served as a Senior Partner at McKinsey & Company, an international management consulting firm, from 1992 until her retirement in August 2013. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. Claims Stephen Murray, the president and CEO of CCMP Capital, a major private equity firm: “The whole activist industry exists becaus… Flip the odds. 03 02 How might the crisis impact the global economy? Led McKinsey’s global Purchasing and Supply Management Practice and McKinsey’s work on Sourcing Innovation. hereLearn more about cookies, Opens in new The Glanbia Board is comprised of 15 members. 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). He was also the Managing Partner of McKinsey’s Abu Dhabi practice. Use minimal essential Commentary MAINBOARD-LISTED Singtel has brought McKinsey's former managing director on board its board. Please use UP and DOWN arrow keys to review autocomplete results. Specifically, boards could take on the task of interacting with shareholders, governments, regulators, debt holders, employees, or major customers. Many directors are feeling outmatched by the ferocity of changing technology, emerging risks, and new competitors. Dominic Barton, 56, became an independent director on Monday, the telco disclosed in a bourse filing. McKinsey.org is a 501(c)(3) private operating foundation. Deborah Kerr was appointed to the board in November 2017. 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. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. New digital directors have to be able to influence change within the culture of the board and play well with others. Likewise, those with deep finance experience, such as chairs of audit committees, could support the CFO in meeting with rating agencies or debt holders. 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. Former, among other things, Chairman of the Board of Swedbank and KF. He is the Director of Repton School in Hong Kong overseeing the development in the Greater China and Asia region. In the newest McKinsey Global Survey on corporate boards,the results confirm that strategy is, on average, the main focus of many boards. Management can then start to pursue that direction when it emerges from the tunnel of the crisis, once uncertainty diminishes and the next normal becomes clearer. collaboration with select social media and trusted analytics partners Directors should familiarise themselves with the emerging practices that companies can adopt to embed purpose and drive performance. 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). Please use UP and DOWN arrow keys to review autocomplete results. In the newest McKinsey Global Survey on corporate boards, 1 the results confirm that strategy is, on average, the main focus of many boards. 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. Provide a forum for board exchange . Board directors today are more confident in their knowledge of the companies they serve and more strategic in their approach than they were in 2011, according to the latest McKinsey global survey on governance. 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. Unleash their potential. 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.. Wendy A. Beck has served as a director on the board of directors of Academy Sports and Outdoors, Inc. since December 2020. June 2, 2020 – Board directors and executives can pool their wisdom to help companies grapple with the challenge of a lifetime. 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. By country, Australia had the largest share of women in executive roles, at 21% among all the firms included in McKinsey’s analysis, and 30% representation among board members. Please click "Accept" to help us improve its usefulness with additional cookies. The big questions for many organizations will then be, “How will my industry and my ecosystem be reshaped by this crisis, and what strategies should our organization pursue to emerge as a leader?”. Eighty-seven years later, the firm has grown into a global partnership serving two-thirds of the Fortune 1000. We use cookies essential for this site to function well. Purpose can become a guiding lens for board engage­ment on strategy, investments, risk and performance management, HR and culture, governance, and external reporting (see sidebar, “Applying a purpose lens to a board’s engagement with … Chairman of the Board of Kaunis Holding, NMI Group, Hedlunda Industri AB and Ekhaga AB. Few boards of directors had a playbook for managing the crisis we face today. Mr. Pew also served on the Board of Directors for Southwestern Energy Company, a public exploration and production company in Houston, until May 2018. 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 … Few boards of directors had a playbook for managing the crisis we face today. Nancy Killefer has served as a member of our board of directors since March 2020. Board of Directors. 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. Ms. Killefer served as a Senior Partner at McKinsey & Company, an international management consulting firm, from 1992 until her retirement in August 2013. 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, Don't miss this roundup of our newest and most distinctive insights, Select topics and stay current with our latest insights. 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. This begins with a company’s board of directors. Something went wrong. Subscribed to {PRACTICE_NAME} email alerts. Michael Silber. value. 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. When James O. McKinsey founded McKinsey in 1926, he could not have imagined the reach his small firm would eventually have. Chairman of the board since December 2020. 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. The bars in the chart represent the change in percentage points in skill prevalence from pre-2000 to post-2011 director appointees. Ltd. McKinsey’s recent board survey shows that strategy is, on average, the area boards give most of their attention. Learn more about cookies, Opens in new Board of Directors. 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. McKinsey Apologizes For Helping Purdue Pharma 'Turbocharge' Opioid Sales The corporate consulting giant issued a rare apology for its behind-the-scenes work with Purdue Pharma, maker of … 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. Jon Garcia. McKinsey & Company 3 COVID-19 has been expanding exponentially with devastating … Reinvent your business. Read More. 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. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Any use of this material without specific permission of McKinsey & Company is strictly prohibited March 26, 2020 DOCUMENT INTENDED TO PROVIDE INSIGHT AND BEST PRACTICES RATHER THAN SPECIFIC CLIENT ADVICE COVID-19: GCC Board of Directors Institute webinar. On its board of directors QuEST global Services Pte Knowledge Center was also managing... Spielmann, “ boards in the area boards give most of their attention help! Inc. since December 2020 leaders navigate to the board of Swedbank and KF he... Help board directors take on to augment management capacity the global economy McKinsey Company! Board its board how might the crisis directors nominated by Glanbia Co-operative Society.... Rolled out to other regions today 's boards struggle to master the critical governance stemming! 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