New Delhi: Tata group chief Cyrus Mistry is among the top global industry leaders, including Unilever CEO Paul Polman and McKinsey & Co Global Managing Partner Dominic Barton, to have been appointed as board members of FCLT Global — a body dedicated to encouraging long-termism in business and investment decision-making.
FCLT Global, formerly Focusing Capital on the Long Term, said it will hold its first Board meeting today in New York, to convene leaders on the organisation's research priorities and strategic direction.
The organisation said it is making a transformation from an 'initiative' to an independent not-for-profit organisation dedicated to encouraging long-termism in business and investment decision-making.
It had started as an initiative formed in 2013 by Canada Pension Plan Investment Board (CPPIB), and McKinsey & Company. The founders of the new organisation, FCLT Global, are BlackRock, CPPIB, The Dow Chemical Company, McKinsey & Company and Tata Sons.
The other board members of FCLT Global are Global Head of Active Equities and Chairman of BlackRock Alternative Investors Mark D Wiseman; Deputy Group President, Group Chief Investment Officer, GIC Chow-Kiat Lim; the Dow Chemical Co Chairman & CEO Andrew N Liveris; PGGM CEO Else Bos; Canada Pension Plan Investment Board President and CEO Mark Machin; Washington State Investment Board Executive Director Theresa J Whitmarsh and CEO, FCLT Global (ex-officio) Sarah Keohane Williamson.
FCLT Global Chief Executive Officer Sarah Keohane Williamson, said: "Our founding organisations and members are integral to the work of FCLT Global in developing practical approaches to creating long-term value and to implementing innovative ideas to advance greater long-term behaviors."
Williamson further said: "Short-termism is an issue that is costly to many countries and regions around the world, and we have a lot to accomplish."
