FCLTGlobal
FCLTGlobal is an American financial services think tank headquartered in Boston, Massachusetts. It is a not-for-profit organization which promotes long-term strategies in investment decisions through research and publication, as well as various events, forums and working groups across the world. The organization was founded.[1] in July 2016 by CPP Investment Board, McKinsey & Company, BlackRock, The Dow Chemical Company and Tata Sons[2]. Its members come from across the global business community, including asset owners, asset managers and corporations. As of September 2020, FCLTGlobal has 49 members.
History[edit]
FCLT (Focusing Capital on the Long Term) began in 2013[3] as an initiative co-founded by Canada Pension Plan Investment Board and McKinsey & Company. Together with BlackRock, The Dow Chemical Company and Tata Sons, they officially founded[4] FCLTGlobal as a not-for-profit in July 2016.
In July of 2016, FCLTGlobal announced that Sarah Keohane Williamson accepted the role of inaugural Chief Executive Officer[5]. Later the same year [6], FCLTGlobal announced its Board of Directors and global membership[7], marking its transformation from an initiative to an independent not-for-profit organization.
They have published research, covering various fields including governance[8], incentive alignment, investor-corporate engagement[9], policy and strategy[10]. They have also hosted in-person and virtual events, including an annual FCLTSummit, the most recent of which convened over 130 global business members [11]
Today FCLTGlobal is focused on conducting research, developing educational resources, and generating advocacy and awareness for a more long-term focus in investment decisions among the global business community.
Research[edit]
In conjunction with its official launch in 2016, FCLTGlobal released research [12] underscoring what it perceives to be “growing short-term pressures” faced by CEOs. This whitepaper, with data from a McKinsey Quarterly [13] survey panel, highlighted the prevalence of short-term investing in the business community.
Researchers at FCLTGlobal release reports.[14] and numerous articles and opinion pieces, all centralized on aspects of long-term financial management. The company’s research has covered the topics of managing risk across time-horizons[15], executive compensation, workplace diversity[16], ESG issues[17], and activist investors, among others[8]
Notable Work[edit]
- Predicting Long-Term Success for Corporations and Investors Worldwide[18][19]
- The Long-Term Habits of a Highly Effective Corporate Board[20]
- Moving Beyond Quarterly Guidance: A Relic of the Past[21]
- Measuring the Economic Impact of Short-Termism[22]
- Rising to the Challenge of Short-Termism [6]
Members[edit]
- Aberdeen Standard Investments
- Baillie Gifford
- Barclays
- BlackRock
- Blackstone
- Bloomberg
- BP
- Bridgewater Associates
- CPP Investment Board
- Caisse de depot et placement du Quebec
- The Carlyle Group
- Cisco Systems
- De Brauw Blackstone Westbroek
- The Dow Chemical Company
- DSM (company)
- Edelman
- Ernst & Young
- Federated Hermes
- Fidelity Investments
- Australian Government Future Fund
- Generation Investment Management
- GIC
- GlaxoSmithKline
- Hillhouse Capital Group
- Hong Kong Monetary Authority
- IFM Investors
- Kempen & Co
- KPMG
- McKinsey & Co.
- MFS
- MSCI
- Nasdaq
- Natixis Investment Managers
- Neuberger Berman
- New Zealand Superannuation Fund
- Nuveen
- Ontario Teachers’ Pension Plan
- PSP Investments
- Russell Reynolds Associates
- Schroders
- State Street Global Advisors
- Sullivan & Cromwell
- The Tata Group
- Temasek
- Unilever
- Wachtell, Lipton, Rosen & Katz
- Walmart
- Washington State Investment Board
- Wellington Management
Board of Directors and Strategic Advisors[edit]
Board of Directors[edit]
- Carmine Di Sibio, Global Chairman and CEO, Ernst & Young
- Adena Friedman, President and CEO, Nasdaq
- Peter Harrison, CEO, Schroders
- Alan Jope, CEO, Unilever
- Kewsong Lee, Co-Chief Executive Officer, The Carlyle Group
- Chow-Kiat Lim, CEO, GIC
- Mark Machin, President and CEO, CPP Investment Board
- Geraldine Matchett, Co-CEO and Member of the Managing Board, DSM (company)
- David Neal, CEO, IFM Investors
- Kevin Sneader, Global Managing Partner, McKinsey & Co.
- Howard Ungerleider, President and CFO, The Dow Chemical Company
- Theresa J. Whitmarsh, Executive Director, Washington State Investment Board
- Mark Wiedman, Senior Managing Director, BlackRock
- Sarah Keohane Williamson, CEO, FCLT Global (ex-officio)
- Lei Zhang, Founder and CEO, Hillhouse Capital Group
Strategic Advisors[edit]
- Else Bos, Executive Director and Chair of Prudential Supervision, De Nederlandsche Bank
- Natarajan Chandrasekaran, Chairman, The Tata Group
- Larry Fink, Chairman and CEO, BlackRock
- Lady Lynn Forester de Rothschild, CEO, E.L. Rothschild, LLC
- Martin Lipton, Founding Partner, Wachtell, Lipton, Rosen & Katz
- Andrew N. Liveris, Former Chairman and CEO, The Dow Chemical Company
- Nitin Nohria, Dean, Harvard Business School
- Paul Polman, Co-founder and Chair, Imagine
- Mark Weinberger, Former Global Chairman and CEO, Ernst & Young
References[edit]
- ↑ "Launching FCLT Global: Combating short-termism around the world".
- ↑ "Long-termism goes global | McKinsey & Company". www.mckinsey.com.
- ↑ Barton, Dominic; Wiseman, Mark (January 1, 2014). "Focusing Capital on the Long Term" – via hbr.org.
- ↑ "FCLT Global Announces Board of Directors, Global Membership and Transformation into Independent Entity". www.businesswire.com. September 28, 2016.
- ↑ "Getting serious about the problem of short-termism". ioandc.com.
- ↑ 6.0 6.1 "Institutional Investors Tackle Short-Termism, One Meeting at a Time". Institutional Investor.
- ↑ "Cyrus Mistry among board members of FCLT Global". Deccan Chronicle. September 29, 2016.
- ↑ 8.0 8.1 "This Is What It Takes to Be a Long-Term Investor". Institutional Investor.
- ↑ Knott, Anne Marie (April 17, 2018). "There's No Good Alternative to Investing in R&D" – via hbr.org.
- ↑ "Asset managers get involved in the companies they own" – via The Economist.
- ↑ "We must make long-term thinking a priority if the world is to solve critical challenges facing us all".
- ↑ "Rising to the Challenge of Short-Termism". FCLTGlobal.
- ↑ "McKinsey Quarterly | McKinsey & Company". www.mckinsey.com.
- ↑ "Resources". FCLTGlobal. October 21, 2019.
- ↑ "Managing risk across multiple horizons". February 14, 2019.
- ↑ Mirchandani, Bhakti. "The Results Are In: The Surprising Relationship Among Revenue Growth, Board Gender Diversity, And Long-Term Value Creation". Forbes.
- ↑ Johansson, Elena (February 12, 2020). "The power of sustainable long-term value-creation strategies". Expert Investor Europe.
- ↑ "Asset Managers With This Characteristic Earn Higher Returns Over Time". Institutional Investor.
- ↑ "Subscribe to read | Financial Times". www.ft.com.
- ↑ "The Long-Term Habits of a Highly Effective Corporate Board". FCLTGlobal.
- ↑ "Quarterly earnings guidance drives CEOs' 'hysteria.' Time to let it die". May 16, 2020 – via www.thespec.com.
- ↑ "Improving long-term performance". July 11, 2019.
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