The Canada Pension Plan Investment Board, McKinsey & Co., BlackRock Inc., Tata Sons Ltd. and the Dow Chemical Co. have launched an independent not-for-profit organization focused on encouraging long-term approaches in investment decision-making and business.
The new organization, FCLT Global, grew out of an effort called Focusing Capital on the Long Term. More than 15 asset owners and managers as well as corporations from nine different countries have now become members, including Caisse de dépôt et placement du Québec, the Ontario Teachers’ Pension Plan, State Street Global Advisors, Unilever and the Washington State Investment Board.
“Short-termism is an issue that is costly to many countries and regions around the world, and we have a lot to accomplish,” said Sarah Keohane Williamson, FCLT Global’s chief executive officer, in a news release. “Our founding organizations 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 behaviours.” The organization will hold its first board meeting today in New York. Its board members include:
- Sarah Keohane Williamson, chief executive officer of FCLT Global;
- Mark Wiseman, global head of active equities at BlackRock and chair of FCLT Global;
- Dominic Barton, global managing partner at McKinsey & Co.;
- Else Bos, chief executive officer of Netherlands-based asset manager PGGM;
- Chow-Kiat Lim, deputy group president and group chief investment officer at global investor GIC;
- Andrew Liveris, chairman and chief executive officer of the Dow Chemical Co.;
- Mark Machin, president and chief executive officer of the Canada Pension Plan Investment Board;
- Cyrus Mistry, chairman of Tata Sons Ltd.;
- Paul Polman, chief executive officer of Unilever; and
- Theresa Whitmarsh, executive director of the Washington State Investment Board.
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